Curtis “50 Cent” Jackson has a life story that has had more ups and downs than a rollercoaster. From being shot nine times and living to tell the tale to dominating the Billboard charts doing the 2000s, as a rap superstar, Jackson has seen it all over the years. Given recent reports, it’s safe to say that his life is showing no signs of calming down. A few weeks ago, we published a post that looked at how Jackson had supposedly made a fortune from a forgotten Bitcoin investment. But, given new findings, all might not be as it seems.
Revealing the truth
Battling against bankruptcy, Jackson has been forced to reveal his financial situation to the courts. Amidst all the paperwork filed, there was no mention of an unexpected Bitcoin fortune. Now seen as just a rumor and little else, TMZ first reported that 50 Cent had been accepting Bitcoin as a payment option for his album “Animal Ambition” back in 2014. Supposedly this had earned Jackson 700 Bitcoin, something he played up across all of his social media platforms. The problem is that these 700 Bitcoins seem to not exist, at least this is the case according to Jackson’s official records.
Effectively blowing his claims apart, Jackson has had to admit that the Bitcoin reports were completely false. Jackson has had his back up against the wall due to bankruptcy issues since 2015, with the original case being settled back in 2016. Causing him more harm then good, Jackson’s Bitcoin claims didn’t escape lawyers, who have now dragged Jackson back into court to clarify the situation. Threatening Jackson’s case, he was forced to go on record and admit that he has “never owned, and does not own, a bitcoin account or any bitcoins.”
More fraud than fortune
The court documents actually revealed that Jackson had blown a huge opportunity when it comes to cryptocurrency. He did in fact accept Bitcoin as payment for “Animal Ambition”, but it was converted to US dollars almost immediately by a third party. Clearly the decision not to “hodl” has proved to be a costly one. Commenting on why he made such lofty statements regarding a non-existent Bitcoin fortune, confirming what has now been proven to be false, Jackson said, that “[Bitcoin holdings] were favorable to his image or brand, even if the report is based on a misunderstanding of the facts.” He admitted to not denying the claims. Standing by the fact that it’s part and parcel of being a successful rapper, he considered the claims fair game with regards to enriching his personal brand and furthering his public image.
50 Cent’s Bitcoin claims come back to bite!
Jackson’s financial issues have come about through years of overspending, scandal, extravagance, and wealth mismanagement. The courts have shown little mercy for his plight, with the final payout for his bankruptcy case being around $23 million. It’s safe to say that if Jackson had a “hodling” attitude when it came to the Bitcoin he earned all those years ago, then maybe his financial issues wouldn’t be quite as severe.