50 Cent Admits That He Never Really Owned Bitcoin

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Last month news surfaced that the rapper, 50 cent had accidentally earned $8 million in bitcoin by allowing his fans to buy his ‘Animal Ambition’ album years ago using the cryptocurrency.

Even though 50 cent seemed to confirm the fact that he had came into the fortune by bragging to social saying,Not bad for a kid from South Side, I’m so proud of me,the post has since been deleted — and it is confirmed that the news was false.

Truth is 50 cent never actually owned bitcoin — he did allow fans to purchase his ‘Animal Ambition’ album using the cryptocurrency, but it was quickly converted to USD by a third party.

Why did the rapper go along with the false reports? He simply did not feel the need to publicly deny the report, according to court documents obtained by  The Blast.

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,the rapper confessed.

“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 I was one of the first recording artists to accept bitcoin for online transactions. 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.”

Bottom line — it made the rapper look good and so he went with it, but had to tell the truth due to filing for bankruptcy 3 years ago that he in fact has not or does not own any bitcoin.