Early in 2018, it was reported by TMZ that Rapper 50 Cent had made millions thanks to Bitcoin, and by accepting the digital currency for his album, Animal Ambition. However, it has since emerged that this is simply not true with the Rapper admitting he never owned any Bitcoin to begin with.
The 2014 record was said to have netted 50 Cent 700 Bitcoin, about $400,000 at the time, but with its exponential growth, that 700 was supposed to have turned into between $7 and $8.5 mln.
Now, in a bankruptcy document, 50 Cent has said that he never owned any Bitcoin and only went along with the TMZ report, not bothering to correct it.
Not damaging
The rapper admits that he did not correct the reports about his Bitcoin haul as he felt that: “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.”
He added, “This is particularly true when I feel the press report in question is favorable to my image or brand.”
Hidden wealth?
Questions are being raised whether or not the rapper is trying to deceive the bankruptcy court, due to Bitcoin’s anonymous and difficult to trace nature. 50 Cent said at Bitcoin’s peak, on social media:
“Not bad for a kid from South Side, I’m so proud of me” and “A little Bitcoin anyone? LOL. l know l make you sick but excuse me...I’m getting to the bag.”
Either way, 50 Cent’s foray into Bitcoin, be it true and now hidden from the authorities or an elaborate lie for the sake of reputation does not help the reputation of the digital currency. Regulators are fighting tooth and nail when it comes to the anonymous nature of Bitcoin and the ease in which it is hidden.
Even divorce lawyers are picking up on difficulties that arise when people can keep their wealth hidden on the Blockchain, as it is making for messy divorce proceedings.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya