Last week, the cryptocurrency bitcoin skyrocketed in value to about $15,000 per coin, either because the financial firms Cboe Global Markets and CME Group said they’ll start offering bitcoin futures later this month, or because of digital whiz kid Katy Perry’s speculative interest, or probably some combination of the two. According to a new report from the Daily Beast, however, long before bitcoin’s recent boom, men’s rights activists have advocated investing in the cryptocurrency as a way to conceal money from your wife during a divorce.
“Let’s say I was getting divorced, and I had some bitcoin,” divorce attorney David Badanes told the Daily Beast, “Maybe no one would know about it except me. The way it’s structured, it’s very easy to conceal.”
Although bitcoin transactions are largely anonymous, numbers from websites like Coin Dance and CoinDesk suggest the vast majority of the cryptocurrency’s buyers are men. Some men’s rights groups online, concerned about anti-male bias in courts recommend bitcoin as a way to “divorce rape-proof your assets,” and avoid dividing the true value of your assets or get roped into a higher alimony payment.
“My ex wife used to make fun of my Bitcoin. She thought it was sooooooo stupid just like everything else I talked about,” on Reddit user reportedly posted. “We got divorced before Bitcoin blew up and she can’t touch my fucking bitcoins! Nice house, babe. I got paid for that and now I’m getting paid by the best currency ever created! Fuck her. TO THE MOON!!!!!!”
But with the increased attention being paid to Bitcoin recently, lawyers are more likely to be on the lookout for assets hidden in cryptocurrencies, Badanes said.
So, be alert: if your partner starts talking about bitcoin a lot all of a sudden, maybe it’s a red flag.
Read the full story here.