The recent surge in privacy-focused cryptocurrency Zcash may be driven more by capital rotation than a sustained structural bull trend, says Real Vision founder and macro investor Raoul Pal.
“Do I need that asset to say I was in earliest? I don’t really,” Pal told Kevin Follonier on the “When Shift Happens” podcast published on Thursday.
The privacy-focused token Zcash
ZEC
$398.03
has seen significant gains this year, but Pal said it is still too early to say whether its rally represents the beginning of a broader uptrend.
“We can’t prove it until the whole market goes up and it continues to trend and not a rotation,” he said. “Right now it’s confirming the rotation thesis
