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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Jeff Bezos
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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but the suspicion exists — the judge might make a decision by only using investors’ potential crypto holdings.

This may have several outcomes as a result, with the worst one undoubtedly being that the other spouse would be awarded pretty much all of the ‘copper-bottomed’ assets, such as the house, money held in the bank, known investments, pensions, and alike.

Meanwhile, the other spouse, the one that attempted to undisclosed assets held in the form of crypto, might end up without anything except for their Bitcoin holdings.

What does this mean for Bezos?

While the idea of buying cryptocurrencies in order to hide his money may seem like a good idea at first glance — examining this option soon shows that it would not work out even if he did it.

The first issue is that Bezos’ fortune ($140 billion) seems to be bigger than the entire crypto market. Next, even if he tried to hide half of what he has in Bitcoin, the BTC market cap is still lower than the $70 billion that his wife is going to receive.

Finally, even if he could do it, it would not be easy to hide such a colossal amount of funds. Pretty much anyone with a blockchain explorer would be able to detect the transaction, and the funds would be traced even if he split them between thousands of different wallets.

Of course, he could use a privacy coin, but the problem is once again the small size of the coins’ market caps. Bezos can buy the entire crypto market with his wealth, and even if Bitcoin is close to handling half of Bezos’ wealth, no other coin in the world can say the same.

Still, this is an interesting idea, and as mentioned, it continues to grow as a trend. However, it is only possible for those less fortunate than one of the richest people in the world. And, the potential existence of a privacy coin of the right size that could allow investors to hide their assets in crypto is definitely food for thought, as it shows additional use cases for the cryptocurrency.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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BTC/ETH/XRP — What to Expect in March 2019

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So far, 2019 has been relatively eventful for cryptocurrencies. While the huge rally is still just out of the reach, there were a few smaller surges in the past months which have shown that the bearish influence is losing its energy.

The last such surge started on February 18th, and it ended rather abruptly on February 24th. However, during this time, a lot of coins managed to make significant gains, with some of them even going as far as to briefly repair the damage they have seen in November 2018 market crash.

However, this is what happened in the past. And, while the past performance is important for coins, as it provides insight into potential patterns and behavior of specific coins, most investors are more interested in what to expect in the near future. March 2019 has arrived, and everyone wants to know what can be expected of the top 3 largest cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), and XRP.

Bitcoin (BTC) in March 2019

Bitcoin is currently seeing gains, albeit extremely minimal, with the coin growing by only 0.02% in the previous 24 hours. At the time of writing, its price is at $3936.1, while its market cap remains just above $69 billion. Meanwhile, the largest cryptocurrency’s daily trading volume is above $10.2 billion, indicating that traders and investors are still using the opportunity…

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