After claiming he earned a whopping $7 million through Bitcoin last January, it appears that 50 Cent never made a dime to begin with. New documents obtained by The Blast suggest that 50 never prited f Bitcoin and that he was being dishonest about his involvement because he enjoyed the good publicity.
“As a general matter, so long as a press story is not irreparably damaging to my image or brand, I usually do not feel the need to publicly deny the reporting,” 50 revealed in the new documents. “This is particularly true when I feel the press report in question is favorable to my image or brand, even if the report is based on a misunderstanding the facts or contains outright falsehoods.”
While at bankruptcy court, new filings were made to refute allegations that the “In Da Club” rapper never fully disclosed his financial holdings. 50 admitted that media outlets “falsely stated” his earnings and that he “never owned, and does not own, a Bitcoin account or any Bitcoins, and to the best his knowledge, none his companies had a Bitcoin account from 2014 to the present.”
TMZ originally reported back in January that 50 became the first artist to accept Bitcoin as a form payment for his 2014 album Animal Ambition. The album then was reportedly valued at $662/1 Bitcoin equivalent. Following the release Animal Ambition, he earned 700 Bitcoins, generating $400K, TMZ sources revealed. Because Bitcoin would later increase in value, 50 was believed to be walking away with anywhere from $7 million to $8.5 million.
After the initial reports regarding his involvement with Bitcoin were released, 50 boasted about his accomplishments on social media. “Not Bad for a kid from South Side, I’m so proud me,” he wrote in a since-deleted post. Billboard reached out to 50 Cent's reps for comment.