Is 50 cent (Curtis Jackson) really hiding crypto? Find out now!
What’s up, homies? It’s CryptoTimes.TV here, dropping you some news about Curtis James Jackson III also professionally known as 50 Cent.
We don’t really think there are lots of people around the world AND among our viewers who have never heard a single track by this G-Unit soldier, but in case you are one of the few, 50 Cent is a U.S. American rapper and businessman who began selling drugs at the age of twelve as a way of making money.
Inspired by the success of his professional colleagues in the artistic sphere, he later began pursuing a musical career and in 2000 he produced the Power of the Dollar album for Columbia Records, but days before the planned release he was shot and it was never released.
However, a couple years later he was discovered by Eminem and signed to Shady Records. (Eminem: Like M&D?) All in all Jackson has released five studio albums which all earned him wide acclaim from the critics. And currently he’s working on his sixth album Street King Immortal. What makes 50 Cent remarkable for us is that he was one of the first singers to accept cryptocurrency as payment for his merchandize. And we’re not talking about drugs here. In June
2014, 50 announced that he would be accepting Bitcoin payments for his fifth album Animal Ambition.
Back then one Bitcoin was selling for about $662, and reportedly some of his fans actually were into crypto, because they brought him some 700 Bitcoins which translated to about $460,000 at the time.
And here’s the most amazing part about all of this – he has not exchanged his Bitcoin proceeds into fiat dollars. It means that his delay rendered him a pretty successful blockchain investor,
because you can do the math and you’ll see his 700 Bitcoins are now worth some $4,4 million!
You should know that since 2014 the price of Bitcoin has fluctuated a lot – there have been ups and downs and at one point last year his Bitcoins could have easily been transferred into a staggering $11,7 when Bitcoin hit its all-time high of $19,783. Now it’s hard to believe his choice to accept Bitcoin in exchange for gangsta rap would
accidentally make him a fortune.
But that’s not the end of the story, because years later the tax man finally came after him to claim a share of the digital gold 50 had generated from sales. And last January he had to officially admit he had never owned any bitcoin “from 2014 to the present.” And the 700 bitcoins he had reportedly earned from album sales were converted to US dollars by a third party before 50 Cent or his affiliated companies could receive it.
Previously, 50 Cent bragged about his sudden Bitcoin “wealth” in Instagram and Twitter posts, posting “Not bad for a kid from South Side, I’m so proud of me” and “A little bitcoin anyone? LOL. l know l make you sick but excuse me...I’m getting to the bag.”
During his career Jackson has sold over 30 million albums worldwide and won several awards, including a Grammy Award, thirteen Billboard Music Awards, six World Music Awards, three American Music Awards and four BET Awards. And his net worth is estimated to be $20 million, which is a huge drop from last year, when his net worth was declared at $150 million by Forbes.
❓❓❓What do you make of this story? Do you think Jackson’s intention was simply to avoid paying taxes or was he telling the truth in that bankruptcy statement? Tell us what you think in the comments section.
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