When it comes to the world of cryptocurrency, one can rest assured that it is anything but boring. From fluctuating values to ever-changing comments, it is one hell of a ride for anyone who is on it.
And we can all thank renowned rapper, 50 Cent, for the most recent reminder of this observation.
The value of those Bitcoins, at the time of the news, was reported at around $8 million.
At the time, the claims had been supported by the rapper himself, who shared a slew of posts on his social media accounts, alluding to the confirmation of the claims by TMZ and causing them to be reported by various news outlets across the world.
However, according to a recent court filing for bankruptcy, the rapper now denies holding any Bitcoin of such value.
What do the court filings say?
Excerpts from the court filing confirm that 50 Cent “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.”
It further mentions that while Bitcoin payments had been accepted at the time of the sale of “Animal Ambition,” the album that was one of the first to have accepted Bitcoin as direct payments, none of those Bitcoin had been transferred to 50 Cent directly.
“… it was the converted U.S. dollars, not bitcoins, that G-Unit received.” The filing reads further, referring to the company, G-Unit Records, which is owned by 50 Cent.
The filing also presented a declaration from personnel of Central Nervous, the company which managed Bitcoin transactions for 50 Cent. The declaration now confirms 50 Cent’s updated account of his Bitcoin holdings by detailing the transactions performed in 2014.
Did he not confirm before this that he owns bitcoin?
50 Cent did add fuel to the fire of previous reports of owning Bitcoin by sharing posts on Instagram that ranged from “I forgot I did that” to “not bad for a kid from the South Side, I’m so proud of me.” These posts essentially confirmed the claims that he was indeed a Bitcoin millionaire.
However, most of those posts in which the rapper claimed that he had forgotten he even had Bitcoin, have now been deleted from his Instagram account.
While those seemingly clear confirmations by 50 Cent were the very reason why the reports of him having such a fortune in Bitcoin seemed verified, the rapper states that he only shared those posts to garner publicity from claims being made from third-party sources, as they seemed to benefit him at the time.
A statement from 50 Cent reads:
“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.”
So far, none of the news outlets that have reached out to 50 Cent for comments received a direct response on the story.
It seems that Bitcoin does not only provide value to its holders, but even rumors of association with it are worth maintaining a façade, or that is what 50 Cent would have his followers believe.