By Ryan Velez
A little while ago, 50 Cent shared a story that he found a hidden treasure trove of Bitcoin, given to him years ago before the wild spikes and falls that have become commonplace with the cryptocurrency. The Daily Mail reports that he has filed documents in his ongoing bankruptcy courts admitting that he’s never owned Bitcoin at any point in his life.
The documents, obtained by The Blast admit that “Recent media reports have falsely stated” that he failed to disclose alleged interests in bitcoin to his 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.” The initial reports he put out suggest that he earned millions in bitcoin after allowing his 2014 album, “Animal Ambition,” to accept the cryptocurrency as payment.
This ended up being a half-truth. Yes, they accepted Bitcoin as payment, but the currency was converted to USD by a third party before the money ever got to 50 Cent or his companies. Following questions from the U.S. Trustee and creditors related to his bankruptcy, he instructed his advisors to investigate the situation and ensure that he never collected a bitcoin.
Now, why go through all the trouble to lie? Like a lot of people in the public eye these days, it’s all about image.
“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.” He adds, “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.”
‘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 stated 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.”