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It was all joy and surprising in the Bitcoin community especially the fans of 50 Cents hearing about his fortune in Bitcoin.

It was recently reported that 50 Cents had made millions in Bitcoin, and the news spread like fire across the various platforms. However, the American rapper refused to accept the claim when filing a bankruptcy in court. This has caused the eruption of questions being asked by his followers, seeking to know the source of the earlier claim.

The Inside Story

In a Reddit discussion, Curtis Jackson, popularly known as 50 Cents claimed that he received a partial payment for his album “animal ambition” in Bitcoin. According to a report, 50 Cents claimed that he received $700 for his album in 2014 and forgot about it. From the unprecedented rise of Bitcoin price in the final quarter of 2017, his Bitcoin amounted to millions. This was celebrated by his fans following his recent financial status.

It was seen as a great turn around. A man was reported to have got almost $2 million from Bitcoin donation, and there was the idea that the rapper has joined the tall list of Bitcoin millionaires. 50 Cents has surprisingly denied the fact that he possessed Bitcoin which turned into millions. This was actually denied by his lawyers during the filing of his bankruptcy.

Unfortunately, there may not be any reference point that is linked to his original twitter account to point out that he really made that announcement as it has been said that the tweet is deleted. The paper read in the court states that: “[The] Debtor has never owned and does not now own, a bitcoin account or any Bitcoins, and to the best of his knowledge, none of his companies had a bitcoin account from 2014 to present.”

According to many readers, 50 cent is trying to deny this due to the bankruptcy case at hand, but the authenticity of this is questionable.

50 Cents Received Bitcoins But Never Kept Them

Contrary to the earlier report that his received Bitcoin skyrocketed in price to earning him millions, the latest information gathered confirms that 50 Cents indeed received some Bitcoins but were not up to 700 Bitcoin.

A report even stated after an investigation that the amount received was around 6 to 7 Bitcoin in 2014. In the document, it was made known that his team, on behalf of the artist indeed received some Bitcoin but immediately exchanged them for US dollars. In respect to this, the earlier claims that 50 Cents had made millions in a forgotten Bitcoin are false.

The artist admitted that he was aware of his Bitcoin fortune report but did not take any action against it because it does not damage his reputation. “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, “Said 50 Cent. “This is particularly true when I feel the press report in question is favorable to my image or brand, even if that report is based on a misunderstanding of the facts or contains outright falsehoods,” he added.

He clarified that he earlier saw reports on it, and he went ahead to post on his social media that he had forgotten that he owns some Bitcoin. “When I first became aware of the press reports on this matter, I made social media posts stating that ‘I forgot I did that’ because I had in fact forgotten I was one of the first recording artists to accept bitcoin for online transactions,” said 50 Cent.

Bitcoin has become the latest money-making tool that is capable of making people rich knowingly and unknowingly. Unfortunately for others, they forget the password to their Bitcoin wallets or mistakenly throw their hard drives containing the mined Bitcoin away just as it happened to James Howell.

Join the conversation over at Telegram (https://t.me/coinstaker)

Image from www.rt.com

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