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Update: 50 Cent admits to the bankruptcy document that has never owned any bitcoins
For future reference: 50 Cent apparently does not deny reports that make it look good
50 Cent admitted that he had not earned $ 8 million in bitcoins by accepting cryptocurrency as a form of payment for his album Animal Ambition in 2014. In a Friday court document obtained by The Blast, the rapper admits he never owned bitcoin, and I went ahead with TMZ's initial report because "as long as a print history does not irreparably damage my image or brand, I usually do not feel the need to publicly deny reporting."
He added: "This is especially true when I believe that the press report in question is favorable to my image or my brand". He made 50 Cent look like a baller initially when, at the height of the bitcoin value, it seemed to be $ 8 million deep in cryptocurrency. But, to prove that he is bankrupt, he eventually had to reveal that he does not own any bitcoins. It is unclear whether 50 Cent are lying to the bankruptcy court or first on social media. Its representatives did not respond immediately to the comment.
50 Cent has admitted in bankruptcy documents that recent media reports have "falsely claimed" to have made $ 8 million in bitcoins (none of which he had revealed to the bankruptcy court). In fact, he says, he has never owned any bitcoins "from 2014 to today". The 700 bitcoins he derived from album sales were converted into US dollars by a third party before 50 Cent or its affiliated companies could receive it.
Previously, 50 Cent boasted about his sudden bitcoin "wealth" on Instagram and Twitter posts, posting "Not bad for a South Side guy, I'm so proud of me" and "Bitcoin bit of someone" I know I'm hurting you but I'm sorry … I'm getting close to the bag. "Perhaps his Instagram responded to his fans was a bit more honest, or at least allusive to the truth:" Ima Keep it real, I forgot I did that shit lol. "
Source: The Verge
OLD ARTICLE
Rapper 50 cents joins the list of bitcoin millionaires. The list of Bitcoin millionaires increases day by day. Rapper 50 cents is the latest addition to the list. The rapper started accepting Bitcoin during the sale of his album, the ambition of the animals. This was back in 2014. Since then, the value of Bitcoin has increased enormously. At that point, the album was also quite successful.
The TMZ celebrity gossip website reported that he had managed to raise about 700 Bitcoins from the sale of his album. At that time, the amount was $ 0.4 million. According to current estimates, it is worth about $ 7 million to $ 9 million.
The same artist confirmed the news published online claiming to be proud of his success. He also claimed that he had actually forgotten the Bitcoin sales he had for his album.
He also invested in other initiatives that were quite successful as Glaceau, where he was an early investor. The company was eventually acquired by Coca-Cola for $ 4.1 billion. In addition, it has investments in many different sectors such as food supplements, real estate and a clothing line.
He is not the only musician to accept Bitcoin. In the last 4-5 years, more and more musicians have begun to accept Bitcoin. Some of these include the rock band Mastodon, Bjork etc. Bitcoin's valuation has steadily increased over the past 12-18 months, which has led to an unmissable gain for most musicians and another producer that has started accepting Bitcoin over a long period of time.
This widespread acceptance of Bitcoin has only contributed to Bitcoin's credibility. As more and more suppliers begin to accept Bitcoin, you can be sure that Bitcoin's credibility will increase more. This would also increase the value of Bitcoins. Currently, after reaching a peak of approximately $ 20,000, Bitcoin is trading around $ 4,000. This decline is attributed to the cryptocurrency's repression by various governments around the world. Once it is resolved, Bitcoin is likely to resume its journey upward. This is the reason why many investors are still investing in Bitcoin with the hope that it would be able to overcome the previous highs soon enough and create new highs.
With the passage of time, there would always be more stories of Bitcoin millionaire who decided to use it or invest in it once and then, later on, they forgot it.
The list of Bitcoin millionaires
There are many well-known Bitcoin critics in the banking and business world. Recently, Jamie Dimon, CEO of JPMorgan Chase & Co., called cryptocurrency a "fraud" and said it would explode. He even went so far as to say that he would have fired anyone who traded Bitcoin because "they are stupid".
But not everyone is so scornful. Bitcoin had a bullish run in 2017, rising from $ 966 at the start of the year to a record high of over $ 4,000 this month, and some of the major currency holders are undoubtedly looking to cash out its value. The names may surprise you. While Bitcoin allows anonymity, using strings of letters and numbers to identify the sources of transactions, some people have publicly revealed that they are enthusiastic users. Here are the people with the most important holdings in Bitcoin.
The twins of Winklevoss
You probably know Tyler and Cameron Winklevoss, who tried and failed to take control of Facebook after claiming that they had been assigned to them, thanks to the satirical representation of both brothers in The Social Network by Armie Hammer. But the Winklevi have a second act in their huge investment in Bitcoin. While they were out of the creation of an exchange fund traded with Bitcoin (ETF), their investment in 2013 worth $ 11 million of Bitcoins (which reportedly amounted to one percent of all the currency in circulation) now it seems rather rosy. That same figure is worth about 21 times as much, putting their total at around $ 231 million.
Barry Silbert (Maven cryptocurrency)
Silbert, a venture capitalist and founder of the Digital Currency Group, was one of the first proponents of Bitcoin. Reportedly, it grossed 48,000 Bitcoins in an auction held by the US Marshals service in 2014 (the government seized most of the currency from Silk Road, an online market that was said to be used for illegal drugs). Bitcoin was therefore worth $ 350, which means that Silbert's booty has risen about 16 times, from around 16.8 million to $ 268.8 million.
Tim Draper (billionaire venture capitalist)
Draper, a venture capitalist of billions, thanks in part to his first investments in Skype, made headlines for his purchase of 30,000 Bitcoins in 2014 from that same government auction. So it's worth about $ 19 million, that stock could get up to $ 171 million now. Draper clearly feels optimistic about the digital currency market, as he continued with Tezos, a new cryptocurrency.
Charlie Shrem (Bitcoin early adopter)
Shrem is more infamous than famous. The entrepreneur entered the early days of Bitcoin and was a member of the Bitcoin Foundation, which was supposed to protect the use of Bitcoin but saw many of its leaders under criminal investigation. Shrem himself received a two-year prison sentence on money laundering charges. But now he's back with an encrypted startup, and while he has not revealed exactly how much he owns in Bitcoin, he apparently bought a few thousand when it was worth little, and now it will be worth several million.
Tony Gallippi (executive of the cryptocurrency)
Gallippi is the co-founder and president of Bitpay, currently the main Bitcoin processor, and is said to be among the largest holders of money. While it did not reveal the exact value of its investments in Bitcoin, the estimates put about $ 20 million.
Satoshi Nakamoto (Bitcoin creator)
Nakamoto is the dark figure sitting in the heart of Bitcoin, which in turn confuses many. After inventing Bitcoin with a 2008 white paper that describes software related to digital money, Nakamoto retired from public life. People are not even sure if that's his real name. While a man came forward to say it was Nakamoto, online investigators challenged the evidence. Theories abound about who Nakamoto really is, but it is clear that they have a lot of Bitcoin at their disposal. A Bitcoin developer estimated in 2013 that Nakamoto had about 1 million Bitcoins. At an estimated $ 6,133 at the time of writing this, it would theoretically be worth an incredible $ 6.1 billion. A huge warning here, though: if Nakamoto were to start selling off all his Bitcoin stock, he would quickly drop the demand for the currency and then the value of the company.
Uncle Sam
Perhaps the biggest surprise is that Bitcoin, a software-based currency that should be free of traditional currency restrictions, has already provided a lucrative gain for the federal government. As noted above, the FBI seized 144,000 Bitcoin while closing the Silk Road market in 2013, which made it the owner of the largest Bitcoin portfolio (although not necessarily the entity with the largest number of Bitcoin , as they can be distributed on many portfolios). The government then placed the Bitcoins at auction. collect $ 48 million. He could have made a lot more money if he waited for the sale, but Uncle Sam is still trying to get a piece of the Bitcoin action. The IRS has stated that digital currencies are taxable assets and is conducting a legal battle to unmask Bitcoin users who have not properly disclosed their capital gains and losses. Reports suggest that the vast majority of Bitcoin transactions go under the radar. This could potentially mean millions of others for the feds to take as their own.
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