Concerns Over "Splitting the Vote"
Bloomberg Senior ETF Analyst Eric Balchunas has expressed concern that Zcash could have an adverse impact on Bitcoin at this critical juncture. In a recent post on X, Balchunas characterized Zcash (ZEC) as having "third-party candidate vibes, like Gary Johnson or Jill Stein." He argued that promoting a separate privacy coin risks "splitting the vote" at a time when Bitcoin (BTC) requires unified political and cultural support.
Balchunas's commentary comes as the debate surrounding Bitcoin and Zcash intensifies. Arman Meguerian, founder and CEO of Timestamp, dismissed the notion that Bitcoin supporters are shifting their attention to Zcash. He stated on X, "I don't know a single Bitcoin maxi that thinks about Zcash at all."
Samson Mow, founder of Jan3, echoed this sentiment, claiming that Bitcoin maximalists are "only looking at Zcash to roll our eyes at it."
Accusations of Manufactured Hype
The criticism extended to accusations from other industry figures who alleged that Zcash advocates are deliberately generating hype. Mark Moss, a venture capitalist, entrepreneur, and educator focused on Bitcoin, shared screenshots of marketing agencies offering paid collaborations for ZEC. He questioned on X, "Wonder why ZCash is showing up EVERYwhere all of a sudden?"
Market analyst Rajat Soni also issued a warning, suggesting that the recent enthusiasm surrounding ZEC appears to be an attempt to "find exit liquidity." He pointed to fabricated headlines that falsely claimed Fidelity analysts predicted Zcash reaching $100,000.
Winklevoss Twins Support Zcash
Despite the skepticism, not all industry participants are dismissive of Zcash's recent resurgence. The Winklevoss twins, founders of Gemini and early Bitcoin investors, have launched Cypherpunk Tech, the first treasury company specifically focused on Zcash.
In an interview with Cointelegraph, they described Zcash as "encrypted Bitcoin," positing that while Bitcoin is optimal for storing value, Zcash excels in facilitating private transactions. They view Zcash as a complementary technology rather than a direct competitor to Bitcoin.