50 Cent admits he isn't a bitcoin millionaire

50 cent
The rapper has been left red-faced after originally boasting that the alleged bitcoin fortune was "not bad for a kid from South Side". Photo credit: Getty

Rapper 50 Cent has been forced to admit he's not a bitcoin millionaire after all, despite implying that he was just over a month ago.

In January, the 'In Da Club' hitmaker implied via social media that after selling copies of his 2014 album Animal Ambition in exchange for Bitcoin, he was sitting on a fortune worth around $10 million (NZ$13 million). 

50 Cent, real name Curtis Jackson, bragged of his sudden Bitcoin wealth on Instagram, posting screenshots of reports of the alleged fortune with the caption; "Not Bad for a kid from South Side, I'm so proud of me". 

This followed a 2014 Reddit AMA, in which 50 Cent said he was "staying with the times" by accepting cryptocurrency payments.

"Technology is what's changing the business, gotta get with it. I take money, no matter if it's coins or dollars," he said.

But come February, when pressed in bankruptcy court, Jackson was forced to acknowledge that it actually wasn't the case - and that no such fortune actually exists.  

The boastful Instagram post has also been deleted. 

The rapper was discharged from bankruptcy earlier this month after paying off the $22 million in debt he had accrued. In bankruptcy documents from the trial obtained by TMZ, Jackson says he did not deny the reports because "the press coverage was favourable" to his image.

"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 the documents, according to CNBC.

"I did not publicly deny the reports that I held bitcoins because the press coverage was favourable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments," he added.