Converting my wealth into untraceable bitcoin

I really do not do anything illegal where I have a need to hide my money. However, I worry often about currency collapse and government overreach etc. I have seen how quickly a government can take an innocent person's money without just cause. When in the bank our fortunes are literally held by a sting over the abyss and it scares the shit out of me. Anyway, I would love to have some security through privacy if bitcoin can do that. Is this still possible or did regulation make this illegal? If I can get my money in cash form, then can I deposit, hold, and redeem the bitcoin and remain anonymous from all spying eyes?