It’s difficult to believe news these days given the rise in popularity of cryptocurrencies. Even gossip magazines of celebrities have started on news linked with cryptocurrencies. The recent is to do with Bill Cosby, who is connected to sexual assault cases.

Inside information claims that he has purchased $5 million worth of Bitcoin ahead of his sentencing in September.

Bill Cosby Hopes Bitcoin will help him

According to the gossip magazine, Cosby wants to protect his wealth from his creditors such as the lawyer who is taking care of his legal case along with his wife who may divorce him soon.

The inside source of the gossip magazine, which was not named said, “He moved close to $5 million in Bitcoin after an expert told him it’s practically untraceable and impossible for anyone but him to retrieve. The expert said it couldn’t be taken in a divorce, bankruptcy or by the government in any liens!”

The magazine that let out this story is called Radar Online. Radar online publishes stories by paying sources for them. Hence these type of gossip magazines should not be taken seriously.

An unlikely story

Buying $5 million worth of Bitcoin without being tracked by blockchain analytics firms is not a very easy task. The only way he would have been successful is if he used a group of people for the purchase.

Buying Bitcoin will not help solve his problem and keep his hard earned money safe. If he did make payments for buying a $5 million worth of Bitcoin, it would show in his financial statements. Thus it will be a risk of additional penalties if he was proved to be hiding his assets.

Might be true

To save a good chunk of 10% of his $50 million wealth, he could dive deep into Bitcoin given the ease of buying and selling the decentralized currency.

Bill Cosby is a known idol in American television and movie history being one of the best entertainers for the last 50 years. Accusations of sexual assault led to the downfall of him.

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