For a guy with a name denominated in American currency, “Fifty Cent,” otherwise known as Curtis Jackson, doesn’t seem to pay very much attention to his money.
The rapper, who made his bones singing about being extra violent as the millennium hit, is making headlines now for not having ever owned actual Bitcoin – which wouldn’t really be a headline, except that TMZ reported years ago that Fifty was several million dollars into the cryptocurrency after receiving some album payouts in BTC.
“Not bad for a kid from South Side, I’m so proud of me.” – Fifty Instagrammed directly after TMZ reported the holding a month ago.
The new correction comes from a bankruptcy, which Fifty’s lawyers are very intent on calling a “reorganization.”
Whatever it is, it’s clear that the rap mogul is going to have to use his available assets to pay off various parties, including a woman who says he released a sex tape about her without her permission.
Even funnier is the way that Fifty, according to rumor, plans to finance his comeback – with a TV sitcom called “My Friend 50” about a would-be member of the gangsta star’s entourage.
All of this bespeaks a narcissism you can see in Jackson’s statement about why he never corrected the record on Bitcoin in the first place
“When I first became aware of the press reports on this matter, I made social media posts stating that ‘I forgot I did that’ because I had in fact forgotten that I was one of the first recording artists to accept bitcoin for online transactions,” Jackson wrote in his recent legal filing. “I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept Bitcoin payments.”
The guy does love his brand. Anyway, the new takeaway is that he chose to get the payout in dollars and came away about half as rich as he would have been if he’d taken the Bitcoin!
Jackson also explained his initial response this way:
“I’m a keep it real. I forgot I did that s—.”
While we’re waiting for that awesome piece of television programming to come out, let’s talk about what it means to actually make investments in the cryptocurrency sector.
When you get involved in Bitcoin or any other coin, you really can’t afford to forget about what you’ve done in the past, or what you plan to do in the future. Bitcoin’s current slump is an excellent example – too many people bought on margin, or without enough cash flow or net worth backing them.
But if you’re one of those people who put too much of your portfolio into Bitcoin, and you’re nervous about the prospects for its pending comeback, don’t be too hard on yourself – at least you didn’t “forget about” owning or not owning 700 BTC.