The rapper 50 Cent admitted that he is not a Bitcoin millionaire. Even though, a month ago he didn’t deny the rumors but rather embrace them.
TMZ reported that Curtis Jackson III had accepted around 700 bitcoins as part of his work on the album Animal Ambition in 2014. By that time, the net value of bitcoin would have been equal to $ 400,000. At today’s price, it would have been worth more like $ 8 million.
50 Cent admits that he isn’t a Bitcoin millionaire Bitcoins
Jackson didn’t worry about this news, clearly stating the reports on his Instagram. He published a screenshot of the report with the title: “It’s not bad for a child from the South Side, I’m so proud of myself”
— Neeraj K. Agrawal (@NeerajKA) January 23, 2018
Despite this action, The Chapter 11 bankruptcy documents cited by The Blast refer to the fact that the bitcoin exchange was “contemporaneously” swapped to dollars by a third party before Jackson or his affiliates could access it.
If you can’t win them, join them
The rapper eliminated the controversial publication from his Instagram. In the bankruptcy declaration, he affirms that he didn’t deny these rumors because their content had certain parts.
“When I first heard about the press reports on this issue, I wrote on social media that it said ‘I forgot I did it’ because I had actually forgotten that I was one of the first recording artists to accept bitcoins for transactions online,” he wrote in the docs, according to CNBC.
“I did not publicly deny the reports that I had bitcoins because the press coverage was favorable. It suggested that I had won millions of dollars as a result of my good business decision to accept bitcoin payments.”
In short, 50 cents wanted to continue with the story to look good. So much controversy for just another gossip?
What makes this coin so special?
According to CNN, unlike the dollar or the pound, these “coins” were created to function as a means of exchange. This method of exchange was once rejected, as it had a murky domain for criminals. The irony is that it began to attract large investors. One point to note is that this type of currency is not governed or supported by the government or human institutions. It’s totally dependent on a computer code. Are we making a human error by putting our faith deeper and deeper into technology?
Bitcoin became part of a trend. This created a significant increase since its origin in 2009. The boom in technology and the decade helped this currency grow, giving it a degree of importance in the world. Will it be as good as it claims to be? No doubt a great investment, but how long will it last?