In a sworn statement under oath, 50 Cent now claims that he doesn’t own roughly 700 bitcoins.
Back in January 50 Cent wasn’t so quick to dismiss such claims.
In January, TMZ came out with a piece that stated how 50 Cent had shrewdly accepted bitcoin as payment for his album back in 2014.
The album netted something like 700 bitcoins.
At the time that was worth roughly $460,000.
TMZ speculated that if 50 Cent still held onto those coins they would be worth a pretty penny these days as bitcoin is worth substantially more today than it was back in 2014.
In fact, TMZ speculated that those bitcoins would be worth north of $7 million today with bitcoin north of $10,000 per coin.
TMZ’s story gets confirmation?
Not only did 50 Cent not refute the story, he seemed to go right along with it.
50 Cent raised eyebrows when he posted a screenshot of the TMZ article on his instagram saying:
“Not bad for a kid from South Side, I’m so proud of me.”
And then also this:
“I’m a keep it real. I forgot I did that sh@$”
To any reasonably thinking person, that seemed to imply that 50 Cent not only had the bitcoins still, but was boasting about how smart he was for “investing” in bitcoin in the first place.
However, after headlines made their way around for weeks, 50 Cent decided yesterday to finally put it all to rest.
Not quite what it seemed?
In documents filed on Friday relating to his 2015 Chapter 11 bankruptcy case, 50 Cent stated under penalty of perjury:
“I do not own and have not owned, either a bitcoin account or any bitcoins.”
Which he would also follow up with saying that the reason he didn’t dispute the news earlier was because he and his brand have a policy of not refuting news that puts his brand in a good light.
The fact that he was being praised as a smart bitcoin investor would fall under that category.
He went on to further claim that any proceeds in bitcoin that were obtained from the sale of that album back in 2014 were immediately converted to dollars.
Meaning he never was a bitcoin investor and isn’t one currently.
Some things that make you go hmm…
It is interesting that he was able to pay off his creditors in bankruptcy court about 6 months ago to the tune of $22 million without having to sell his mansion, which was assumed would have to be sold to settle the debts originally.
A battle that had been going on for more than 2 years by the way.
Where did those extra funds all of the sudden come from?
I’m not here to speculate, but that is also around the time that bitcoin was making new highs.
Things that make you go hmmm…
Stay informed my friends.