50 Cent Now Denies Bagging Up On Cryptocurrency
UPDATE: In documents obtained by TMZ, 50 Cent has denied his previous claims that he profited greatly on cryptocurrency.
The G-Unit head denied income from the investment in his bankruptcy filing documents. “[I have] never owned and [do] not now own, a Bitcoin account or any Bitcoins,” stated the rapper in the acquired docs. One year ago this month, the onetime superstar artist settled his bankruptcy, years ahead of schedule.
Either 50 Cent is playing the court
JANUARY 24 STORY: Since Hip-Hop Heads were introduced to 50 Cent through late ’90s ONYX’s “React” music video and those early soundtrack singles like “How To Rob,” he has been about the power of a dollar. The G-Unit founder built his empire through Vitamin Water, Effen vodka, apparel, film production and acting, and the Power TV series on Starz. Those are just portfolio highlights for the Queens, New Yorker who was once a top contender in Forbes‘ “Hip-Hop Cash Kings” lists.
He was believed to be the first Rap artist to do so. With foes-turned-friends Jadakiss and Styles P appearing on the #4 release, many Heads were not paying attention to payment methods accepted. However, the album reportedly did gain 700 bitcoin in sales. Back then, the exchange rate was $662/bitcoin.
Three and a half years later, and the currency that Fif’ and G-Unit Records received sat dormant. “Today [the] bitcoin’s value has fluctuated between $10K and $12K per coin. [It] turns out 50 is a money genius … sitting on anywhere between $7 million and $8.5 million,” estimates TMZ.
Yesterday (January 23), 50 Cent apparently confirmed the smart investment online, while promoting his new film, Den Of Thieves.
Less than a year ago, 50 Cent paid more than $22 million to settle his bankruptcy.
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