You have surely all seen the media buzz regarding 50 Cent (Curtis Jackson) and 50 Cent’s crypto millions. If you haven’t, here’s the crash course.
Back in 2014, 50 Cent released an album called Animal Ambition that the fans could buy with Bitcoins. So, some fans bought the album with Bitcoins. 50 Cent received 700 Bitcoins, then worth approx. USD 463,000 (662 per Bitcoin). As you all know, a Bitcoin today is worth a lot more than USD 660… At Bitcoin’s all-time-high, the price was USD 19,783.21. The value of 700 Bitcoins at Bitcoin’s all-time-high was then USD 13,848,247.
Celebrity news website TMZ reminded 50 Cent of this on 23 January 2018 with an article called 50 CENT RAKES IN MILLIONS THANKS TO BITCOIN!! (http://www.tmz.com/2018/01/23/50-cent-made-millions-bitcoin-animal-ambition-album/). 50 Cent, who you all know always has a modest and down-to-earth way of expressing himself, quickly went on his Instagram and said:
Not Bad for a kid from South Side, I’m so proud of me. LOL #denofthieves
…followed by a tweet
A little bitcoin anyone? LOL. l know l make you sick but excuse me…I’m getting to the bag #denofthieves
…and topped it all of with a
Ima keep it real, I forgot I did that shit lol.
Spoken like a true role model.
But it was all bullshit.
The only reason why we know it’s bullshit is because 50 Cent was – at the same time as he was parading his crypto achievements in the media – subject of a bankruptcy claim. Some sources – like the Washington Post – once estimated 50 Cent’s fortune to USD 500 million (http://www.washingtonpost.com/wp-dyn/content/article/2010/12/17/AR2010121705271.html). So, how did he become bankrupt? Well, the rapper himself blamed it on “living large”.
When filing for bankruptcy in July 2015, his assets were estimated to USD 24,823,899.18 while his debts amounted to USD 32,509,549.91. The largest debts were to Sleek Audio and Lastonia Levinson. Sleek Audios is a headphone manufacturer that G-Unit Records copied design from. Sleek Audio was awarded USD 17 million in a court ruling. Lastonia Leviston is the mother of one of Rick Ross’s kids (Rick Ross being a rap rival to 50 Cent), and 50 Cent bought a sex tape of her and another man, and added his own voice-over narration – referring to Leviston as a “slut” and mocking her physical appearance. Courts decided this was a bad thing to do and order him to pay Lastonia Leviston USD 7 million.
In any event, if 50 Cent actually would have had all of the crypto millions he claimed to have, then that would have had to be accounted for in the bankruptcy proceedings to 50 Cent’s disadvantage. So, on 26 February, under oath in court, 50 Cent stated that:
“[I have] never owned and [do] not now own, a Bitcoin account or any Bitcoins.”
He did acknowledge it’s possible some online album and merchandise sales may have been made in Bitcoin, but says they would have been converted to U.S. dollars before he ever saw it.
What is really the key takeaway from this story about 50 Cent’s crypto millions then? We don’t know. Maybe, it’s as easy as this:
Don’t brag about being a crypto millionaire when you are simultaneously in bankruptcy court.
Remember: money talks, wealth whispers. Find your exchange using our Exchange Finder to get that wealth.