Big-time players are turning to OG privacy coins that can survive a quantum apocalypse without breaking a sweat.
Following Bloomberg’s top ETF specialist’s comments that Zcash (ZEC) has “third party candidate vibes”, other prominent crypto figures chimed in to offer their take on the rise of quantum-resistant crypto tokens. Moreover, Mr. Balchunas names Zcash (ZEC) as a main threat towards Bitcoin’s (BTC) dominance for a few simple reasons.
Traders Shifting From BTC Towards Shielded ZEC Bags?
Firstly, the promotion of a single privacy coin in the wake of Bitcoin’s (BTC) institutional & legal success could “split the vote” among Bitcoin’s Maxis. This had already happened with Zcash’s (ZEC) creation, as this privacy blockchain was originally intended to be a Bitcoin PoW chain add-on, but the initial developer team rejected the idea.
Now, the picture is totally different: ZEC’s market price doubled up in less than 30 days, while Wall Street’s big boys like VanEck are explicitly stating that institutional investors are looking into quantum-resistant altcoins like Zcash (ZEC) due to the Bitcoin OGs having traceability concerns as BTC becomes a highly-regulated digital currency.
1,008% ZEC Price Upswing Doesn’t Convince Everyone
However, other prominent crypto industry figures like Arman Meguerian, the founder and CEO of Timestamp, beg to differ. “I don’t know a single Bitcoin Maxi that thinks about Zcash at all”, – he declared. Many others believe if Zcash (ZEC) indeed solves the missing blockchain privacy tech part that Bitcoin is lacking, the price appreciation should come along with it.
Right now, ZEC’s price skyrocketed by 1,008% in yearly terms, but the current $500 price range is a far cry from this privacy coin’s all-time high (ATH) of $3,193, hit over 9 years ago. Sporting identical figures in terms of max supply to Bitcoin (BTC), the ZEC’s shielded transactions use zk-SNARKs, defending the network from any known quantum computer risks.
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