Zcash is a return to the cypherpunk ideals crypto was founded on.
Why privacy coins are movingMulticoin framed the thesis around growing political risks to public wealth.
“California's proposed wealth seizures are a warning,” the firm wrote. “As the political trend to seize private wealth continues to grow, people and institutions will increasingly seek private assets to protect themselves.”
“We believe that truly private, censorship and seizure-resistant assets have clear product-market fit and demand is accelerating,” Jain said. “We believe Zcash is the cleanest way to express this thesis in public markets.”
Zcash's turbulent journeyBut the path to this point has been anything but smooth.
“Bitcoin is insurance against fiat. Zcash is insurance against Bitcoin,” Ravikanth said in an October tweet.
Tim Sun, senior researcher at HashKey Group, told Decrypt that the recent surge represents a continuation of a privacy narrative that first gained traction in late 2025. “Multicoin's decision to increase its holdings is more than just an institutional purchase of ZEC,” Sun said. “It serves to redefine privacy coins as an investment theme tied to personal financial sovereignty, censorship resistance, and autonomous asset control.”
He added that censorship resistance will likely become a recurring hot topic in the next cycle, acting as a direct catalyst for price action.
Sun also offered a key clarification: demand for privacy does not always translate directly to token prices. “The rise in privacy coins reflects a market repricing of the privacy narrative rather than a synchronized, massive increase in the actual usage of these privacy tools,” he said.
The privacy coin sector has historically moved in sharp bursts followed by extended consolidations. Whether this rally sustains depends on whether institutional investors follow Multicoin's lead or treat the move as a one-off.
