50 Cent admits he isn't a bitcoin millionaire, he just went along with the press reports

700 bitcoins rapper reportedly earned were actually converted to US dollars by a third party before 50 Cent or his affiliates could receive it

50 Cent (Getty)

Rapper 50 Cent has said he isn't actually a bitcoin millionaire, despite implying he was just over a month ago.

A report in TMZ stated 50 Cent, real name Curtis Jackson III, had accepted around 700 bitcoin as part of his work on the 2014 album Animal Ambition.

At the time, the bitcoin's worth would have equalled $400,000, but at today's rate, it would have been worth more like $8m.

Jackson appeared to quite clearly confirm the reports on his Instagram by posting a screenshot of the report with the caption: "Not bad for a kid from South Side, I'm so proud of me."

However, Chapter 11 bankruptcy documents cited by The Blast state that bitcoins exchanged for the album were "contemporaneously" exchanged for dollars - meaning they were exchanged to US currency by a third party before Jackson or his affiliates could access it.

Jackson has since deleted the Instagram post. In the bankruptcy filing he says he did not deny the reports because their content was, in part, true.

"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," he 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."

So basically he went along with the story because it made him look good.