Recently, privacy coins have suddenly exploded, with ZEC and a number of privacy-related assets all skyrocketing. On the surface, it seems that big V is promoting the privacy narrative, but in reality, it is a new industry dividend released by U.S. regulatory policies: for the first time, the Spring 2025 regulatory agenda separately lists rules for Crypto Assets, including safe harbors, relaxed custody, and compliance paths for non-security crypto assets.
In addition to the big V Ansem, Snowden, and other collective calls, jointly supporting the 'privacy narrative', this wave of privacy craze should continue.
In this issue, the editor will deeply explore ZEC, the leader among the four kings of grayscale-related projects!
Project Introduction
Zcash ($ZEC) was launched in 2016, with the sole purpose of establishing financial privacy. It provides holders with two transaction modes to choose from: the first is the conventional public and transparent transaction, while the second is a completely anonymous transaction mode, which allows transactions without exposing the sender, receiver, and amount. This provides flexibility in choosing between transparent and private transactions, balancing privacy and compliance. Compared to other privacy coins with a single anonymous transaction mode, this dual-mode transaction path is more suitable for regulatory compliance and has been adopted by large-scale Wall Street institutions.
So the meaning of Naval's tweet is actually saying that when the government excessively prints money leading to currency devaluation, Bitcoin can preserve value; and when Bitcoin is monitored and tracked, Zcash can protect the privacy of traders. Naval also added: 'Due to monitoring issues, even Satoshi Nakamoto cannot use Bitcoin.' This tweet directly ignited the price of $ZEC, ultimately rising from $53 to a peak of $285+.
Analysis of this price increase
In this round of privacy coin price increases, ZEC is the absolute leader, with its market explosion supported by emotional catalysts, funds, and fundamentals.
Celebrity endorsements ignite narrative excitement: renowned Silicon Valley investor and author of The Navalmanack @naval stated in an October 2025 post that 'Bitcoin is insurance against fiat currency, while Zcash is insurance against Bitcoin.' This statement quickly swept across social media, sparking widespread discussions among mainstream KOLs and the crypto community, making ZEC a core focus in the privacy sector.
Halving expectations combined with practical value highlights: ZEC is about to face a block reward halving, and market expectations for tightening supply continue to rise, further igniting buying sentiment. In the context of tightening global regulations and the widespread adoption of on-chain monitoring tools like Arkham and TRM, the value of privacy assets is being reassessed, while the continuous increase in the proportion of Zcash 'shielded pool' transactions also confirms its actual usage demand, reinforcing the long-term value logic.
Institutional capital entry lays the foundation for price increases: the capital side has clearly embraced the ZEC narrative, for example, Arthur Hayes' Maelstrom fund has listed ZEC as its second-largest holding (data source: Coinfomania). Currently, mainstream assets are experiencing temporary weakness, the market rotation logic has begun, and the privacy coin sector, due to its characteristics of 'low valuation + new narrative,' has become a safe haven for funds. ZEC, with its narrative excitement, fundamental support, and the resonance effect of capital inflows, occupies a perfect market niche and ultimately becomes the leading target for this round of privacy sector value reassessment.
Project Reviews
The surge of Zcash has led the market to refocus on the privacy sector; and the technical solutions of the main chain, to some extent, reflect the evolution direction of this sector's narrative—from a single 'anonymity story' to a 'practical privacy infrastructure that balances performance, compliance interfaces, and daily usability.'
As traditional privacy coins like Zcash re-enter the market's view, the 'practical privacy payment' path represented by the main chain is becoming a new clue that cannot be ignored when observing the privacy sector. Privacy payments are gradually evolving from a marginal narrative into one of the potential driving forces for advancing payment system evolution and reshaping the structure of financial trust.
