A sharp divide has emerged in the crypto sector after Bloomberg senior ETF analyst Eric Balchunas warned that Zcash could weaken essential support for Bitcoin at a sensitive moment. According to Balchunas, the sudden push for Zcash gives off third party candidate vibes and risks splitting political and cultural backing that Bitcoin currently relies on.
Discussion intensified as Arman Meguerian of Timestamp rejected claims that Bitcoin supporters are shifting toward Zcash. He stressed that Bitcoin loyalists rarely think about ZEC when assessing the broader market. Samson Mow of Jan3 echoed that view and said Bitcoin advocates dismiss Zcash without hesitation.
Zcash has third party candidate vibes, like Gary Johnson or Jill Stein. Seems like you better off folding in their ideas to the main party vs splitting the vote, which could have major consequences, especially in such a crucial time for btc. I don't get it. I'm just an ETF guy… https://t.co/5RMyJl3sUj
— Eric Balchunas (@EricBalchunas) November 22, 2025
Accusations of Artificial Hype Fuel Rising Tensions
Concerns grew further after several industry figures accused Zcash promoters of manufacturing hype. Mark Moss shared screenshots of marketing agencies offering paid collaborations linked to ZEC, which raised questions about the timing of the sudden promotional wave. Additionally, market analyst Rajat Soni warned that the recent excitement resembles attempts to generate exit liquidity. He pointed to misleading headlines that falsely claimed major institutional analysts predicted extreme price targets for ZEC.
Supporters of Zcash, however, continue to push the narrative in a different direction. The Winklevoss twins added momentum by launching Cypherpunk Tech, a treasury company focused entirely on Zcash. In a conversation with Cointelegraph, they described Zcash as encrypted Bitcoin and insisted that it complements Bitcoin instead of challenging it. They argued that Bitcoin serves as a store of value while Zcash provides stronger privacy for transactions.
Differing Perspectives on Zcash's Role
Attention around the clash remains strong as analysts, founders and investors react to Zcash’s resurgence from different angles. Some see it as a distracting force that could weaken Bitcoin’s influence. Others argue that both assets serve separate purposes and can coexist without conflict.