Is Bill Cosby Buying Bitcoin To Hide Assets?

Mandatory Credit: Photo by Matt Slocum/AP/REX/Shutterstock (9642148h) Bill Cosby arrives for his sexual assault trial, at the Montgomery County Courthouse in Norristown, Pa Bill Cosby, Norristown, USA - 25 Apr 2018

Nowadays, cryptocurrency news is making headlines in many publications and gossip magazines to are not left behind as they break the latest news about Bill Cosby, actor, producer, and comedian who is associated with sexual assault exposition.

Radar Online, the celebrity gossip site, claims to have accessed insider information about Bill, embattled actor and entertainer. Earlier this year, Cosby was convicted on three accounts of sexual assault. Radar claimed that the insider (source remain unnamed) said the actor had purchased about $5 million worth of Bitcoin ahead of his sentencing on 24th September 2017 as a plot to safeguard part of his $500 million assets.

The 81-year-old Cosby was a household name in the entertainment industry before a series of detrimental legal actions destroyed his career. As per the gossip magazine, the actor is moving his wealth to Bitcoin to shield his assets from his creditors, some of whom are lawyers who he owes millions to in legal fees. He is also concerned his wife might pursue a divorce in the coming days.

Getting away with it?

The publication went on to explain why the TV personality decided to buy Bitcoin now. As per the source: “It couldn’t be taken in a divorce, bankruptcy, or by the government in any liens.”

It is hard but not impossible

Anyone can buy Bitcoin using their cash, no one can dispute that. Still, no one can argue that you can use crypto to hide your assets. Bitcoin transactions cannot be examined and probably may stay unspecified.

Be it as it may, the transactions are visible on the blockchain system. Anyone can access the address and balances, and it’s not easy to move $5 million unnoticed.

Although with Bitcoin no one can issue personal identifying information, business between addresses can be linked. Still, someone with Bill’s profile can’t purchase $5 million worth of BTC without carrying out a KYC or raising the alarm.

If he decides to pull it off, there will be more questions regarding the $5 million. Yet, in his financial statements, there are gaping holes. There is nowhere he can keep the money without raising alarms, be it in crypto, cash, or whichever form he chooses.