50 Cent not holding any bitcoinFebruary 28, 2018
50 Cent has said in a court statement in his ongoing bankruptcy trial that he doesn’t own or hasn’t ever owned a bitcoin account or any bitcoin.
According to the rapper’s lawyer, the rapper hasn’t “owned, and does not own, a bitcoin account or any bitcoins,” and “none of his companies had a bitcoin account from 2014 to the present.”
Reports emerged previously that 50 Cent could be hodling some 700 bitcoin which he received as payment for his album. However, according to the rapper though he was paid in bitcoin he chose to get paid in fiat currency and not crypto and hence the payments provider converted the crypto to fiat in 2014.
There is no indication on which payments provider 50 Cent is referring to but there were only two choices at the time – BitPay and Coinbase – with BitPay more likely as it is bigger.
50 Cent’s story is believable to a lot of extent considering there have been no evidence that he has been hodling the bitcoin.
But as interesting as that is, his statement explaining why he did not contradict the media story is also somewhat amusing. 50 Cent says:
“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 particular 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.”