50 Cent Was Just Kidding About Bitcoin Fortune: 'It's Favorable to My Image' to Pretend It's True
The world has 21 (or more) questions as to why 50 Cent would be less than truthful about earning millions in bitcoin after allowing his 2014 album, Animal Ambition, to accept the cryptocurrency as payment.
In documents obtained by PEOPLE and first reported by The Blast, the rapper, né Curtis Jackson III, admitted that “recent media reports have falsely stated” that he failed to disclose alleged interests in bitcoin to the bankruptcy court, but in reality he has “never owned, and does not 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 the present.”
Last month, reports suggested he banked 700 bitcoins, which was valued to be worth between $7 million and $8 million during the crypto boom.
According to the documents, 50 Cent, 42, says it was third-party company Central Nervous, LLC d/b/a CNI Merchandising (“Central Nervous”) who processed Animal Ambition sales and “accepted bitcoins as payment, the bitcoins accepted were contemporaneously converted to U.S. dollars by another independent third party,” but it was “U.S. dollars, not bitcoins” that 50 Cent was paid in.
“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 that I was one of the first recording artists to accept bitcoin for online transactions,” he states in his declaration. “I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments.”
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He continues, “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. 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 of the facts or contains outright falsehoods.”