People lie about making money all the time right? Just ask 50! Famous rapper 50 cent and Bitcoin seem to be in the news alot lately.
Here's how the gist umfolded: In 2014, when 50 Cent released Animal Ambition,his album he accepted the then relatively unknown crypto currency Bitcoin as a payment methods for fans buying his music. And as the story goes, the busy and wealthy Hip Hop artiste simply forgot about his bitcoin cash. Months turned into years, and as the Bitcoin value rose it turned out that by leaving it untouched all that time, he had earned earned something in the range of 7 million dollars! And I don't need to tell you that 7m is a pretty large chunk of cash to forget.
And this shocking truth emerged when new filings were made in bankruptcy court to refute allegations that 50 Cent didn’t properly disclose all of his assets, including his supposed haul of bitcoin. Infact it was revealed that Mr Cent has never owned, a bitcoin account, let alone own millions in the currency. To the best of their knowledge, none of his companies had a bitcoin account from 2014 to 2018. None.
The 42 year old star liked how it all made him look on the media. Smart and industrious. Genius money maker perhaps? Instead of hanging onto the Bitcoin for years, the virtual currency was converted to U.S. dollars pretty quickly after payment was received. 50 Cent explained that he didn’t shut down the false story that he was a Bitcoin millionaire because he really liked the story. In his own words.:
“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 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.”
Not only did he not deny the story, but he went along with it: “Not bad for a kid from South Side, I’m so proud of me,” he wrote on Instagram, and added lated, “I’m a keep it real. I forgot I did that—