Zcash’s Resurgence Sparks Debate: Is it a Threat to Bitcoin?
Bloomberg Senior ETF Analyst Eric Balchunas has warned that Zcash may have a negative impact on Bitcoin, particularly at a time when the latter needs unified support. In a recent post on X, Balchunas likened Zcash to a “third-party candidate,” suggesting that promoting a separate privacy coin could lead to a “splitting of the vote” when Bitcoin requires cohesive political and cultural backing.
His comment comes as the debate between Bitcoin and Zcash intensifies. Arman Meguerian, founder and CEO of Timestamp, dismissed the notion that Bitcoin supporters are shifting their attention to Zcash, stating that he doesn’t know a single Bitcoin maxi who even considers Zcash. Jan3 founder Samson Mow echoed this sentiment, claiming that Bitcoin maxis only look at Zcash to scoff at it.
Related: The Bitcoin vs Zcash debate intensifies as ZEC reclaims $700 level
Criticism of Zcash’s Sudden Popularity
Critics have accused Zcash advocates of manufacturing hype around the coin. Mark Moss, a Bitcoin-focused venture capitalist, shared screenshots of outreach messages from marketing agencies offering paid ZEC collaborations, questioning the sudden surge in Zcash’s visibility. Market analyst Rajat Soni also warned that the recent excitement around ZEC appears to be an attempt to “find exit liquidity,” pointing to fabricated headlines claiming that Fidelity analysts predicted Zcash reaching $100,000.
Related: Winklevoss twins bet on Zcash, privacy to combat AI threat
Winklevoss Twins’ Support for Zcash
Despite the skepticism, the Winklevoss twins, founders of Gemini and early Bitcoin investors, have expressed their support for Zcash. They recently launched Cypherpunk Tech, the first Zcash-focused treasury company, and described Zcash as “encrypted Bitcoin.” The twins argue that Bitcoin is best suited for storing value, while Zcash excels in private transactions, viewing the two coins as complementary rather than competitive.
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