Zcash (ZEC) is experiencing significant market activity, highlighted by a substantial purchase from Cypherpunk Technologies, the treasury arm backed by the Winklevoss twins. The firm acquired 203,775 ZEC, valued at $59 million, and has stated its intention to increase its holdings to 5% of ZEC's total supply. This acquisition alone contributed to a price surge of over 21% for ZEC. Concurrently, the Zcash ecosystem is seeing advancements, such as the new Zashi wallet's shielded swap system, which aims to simplify the use of private ZEC. However, the ecosystem also faced a challenge when Ledger temporarily dropped support for pre-2018 addresses.
This combination of institutional investment, technological enhancements, and ecosystem developments marks a pivotal moment for Zcash, generating considerable interest in recent times.
Arthur Hayes' Bullish Stance on Zcash
Arthur Hayes, a prominent figure in the crypto space, has expressed a strong conviction in Zcash's potential to outperform other assets during periods of dollar-liquidity contraction. He posits that the market is currently underestimating the increasing importance of privacy in the context of evolving regulations, heightened surveillance, and the institutionalization of crypto settlements.
Hayes views ZEC as possessing the fundamental characteristics, scarcity, and utility necessary to be recognized as a "premium privacy asset," distinguishing it from other altcoins.
His outlook suggests that the ZEC price could reach 20% of Bitcoin's price level, not its market capitalization, relative to BTC. Based on current market values, this projection places ZEC at approximately $18,200. Hayes attributes this ambitious target to a shifting macroeconomic environment that he believes is increasingly favoring privacy-centric assets more than the broader market currently acknowledges.
🔥ARTHUR HAYES: $ZEC is the ONLY coin that can outrun the dollar-liquidity crunch.
— Coin Bureau (@coinbureau) November 19, 2025
He says $ZEC can rise to 20% of $BTC which equals $18.2K at current price. pic.twitter.com/8AoDHmz3MH
Factors Supporting Zcash's Growth
The recent $59 million treasury purchase by Cypherpunk Technologies signifies a growing institutional acceptance of ZEC, mirroring the way corporate treasuries approached Bitcoin in 2020. When a firm commits to acquiring a notable percentage of a coin's supply, such as 1.25% with plans to reach 5%, it inherently reduces the circulating supply and can exert long-term upward pressure on the price.
Furthermore, the Zashi Wallet upgrade introduces a significant improvement by enabling users to purchase shielded ZEC directly using other assets like BTC or ETH. This functionality was previously unavailable and addresses a key barrier to the adoption of private transactions. Notably, shielded ZEC already accounts for nearly 30% of the total supply, indicating strong existing demand for privacy features.
While Ledger's temporary support issue caused some disruption, it has not deterred new participants from entering the Zcash ecosystem. The combination of institutional accumulation and enhanced ease of use for private transactions has collectively bolstered confidence in Zcash's prospects.
Potential Price Trajectory for ZEC
If ZEC were to achieve Arthur Hayes' target of reaching 20% of Bitcoin's price, it would translate to a price of $18,200, assuming current Bitcoin valuations. Even a more conservative scenario, where ZEC reaches 5% to 10% of Bitcoin's price, would position ZEC between $4,500 and $9,000. These figures represent a significant increase well beyond Zcash's previous all-time high.
Several risks remain, including potential supply concentration, ongoing regulatory scrutiny, and the impact of wallet-support challenges, all of which could influence Zcash's momentum.
Despite these risks, the market dynamics appear to be shifting favorably for Zcash. Institutional interest is evident through significant purchases, new tools are facilitating greater adoption, and the narrative around privacy is gaining traction precisely as the market anticipates a tightening macroeconomic environment. If Hayes' predictions about future market conditions prove accurate, Zcash may be at the beginning of a substantial growth phase.