Analyst Warns of Divided Support for Bitcoin
Zcash has recently garnered significant attention, not all of which has been positive. As cryptocurrency regulation and political discussions intensify, some analysts express concern that Zcash's growing momentum could prove detrimental rather than beneficial. Amidst calls for unified support for Bitcoin during a critical period for the crypto landscape, Zcash has entered the discourse, igniting a debate.
Zcash Compared to a "Third-Party Candidate"
Eric Balchunas, Bloomberg's Senior ETF Analyst, drew a parallel between Zcash and a political spoiler candidate, one that fails to win but manages to divide the electorate. In a post on X, he described Zcash as having "third-party candidate vibes, like Gary Johnson or Jill Stein." Balchunas cautioned that advocating for a separate privacy coin at this juncture could "split the vote" when Bitcoin requires strong political and cultural solidarity.
Zcash has third party candidate vibes, like Gary Johnson or Jill Stein. Seems like you better off folding in their ideas to the main party vs splitting the vote, which could have major consequences, especially in such a crucial time for btc. I don’t get it. I’m just an ETF guy… https://t.co/5RMyJl3sUj
— Eric Balchunas (@EricBalchunas) November 22, 2025
Balchunas's concern extends beyond mere competition; he emphasizes the critical timing. Bitcoin is currently under intense scrutiny, particularly as institutions and policymakers deliberate its role. He argues that any diversion of attention could undermine Bitcoin's current momentum.
Counterarguments from Bitcoin Advocates
This perspective is not universally shared. Arman Meguerian, founder and CEO of Timestamp, dismissed the notion, stating that he is unaware of "a single Bitcoin maxi that thinks about Zcash at all."
I don’t know a single bitcoin maxi that thinks about Zcash at all https://t.co/xjuLTI8XZc
— Doc (@DrBitcoinMD) November 22, 2025
Samson Mow, founder of Jan3 and a prominent Bitcoin proponent, also commented, suggesting that Bitcoin supporters are merely observing Zcash "to roll our eyes at it." This implies they do not perceive Zcash as a significant threat but rather as inconsequential noise.
We are only looking at Zcash to roll our eyes at it. https://t.co/4ZVYe5H4zf
— Samson Mow (@Excellion) November 23, 2025
Allegations of Manufactured Hype
As Zcash began to trend, critics voiced suspicions about the sudden surge in its visibility. Bitcoin investor and educator Mark Moss shared evidence of marketing agencies offering paid partnerships for Zcash (ZEC), questioning the reason behind its widespread appearance.
Wonder why ZCash is showing up EVERYwhere all of a sudden? 👇 pic.twitter.com/1WMcu0jx8x
— Mark Moss (@1MarkMoss) November 20, 2025
Market analyst Rajat Soni also cautioned that some of the current excitement might be an effort by early investors to "find exit liquidity." He highlighted fabricated headlines that falsely attributed a $100,000 price prediction for Zcash to Fidelity analysts, a prediction that never materialized.
Winklevoss Twins Champion Zcash
Conversely, the Winklevoss twins, founders of Gemini and early Bitcoin proponents, have re-emerged with a strong endorsement for Zcash. They recently launched Cypherpunk Tech, a treasury company exclusively dedicated to Zcash, which they describe as "encrypted Bitcoin." They posit that while Bitcoin serves as a store of value, Zcash is intended for private transactions, positioning the two cryptocurrencies as complementary rather than competing.
Privacy is the precondition for many of our freedoms. It’s the point at which government and corporate reach end and our individual freedoms and self-sovereignty begin. As our lives have moved online, privacy’s become a rare, vanishing commodity.
That’s why we founded Cypherpunk… https://t.co/PD38Id90pg
— Tyler Winklevoss (@tyler) November 12, 2025
Ongoing Debate and Future Implications
Zcash has re-entered the public consciousness, sparking divided opinions. While some express concern that it might detract focus from Bitcoin during critical junctures, others maintain that Zcash fulfills a distinct and valuable purpose. Regardless of the differing viewpoints, the discussion surrounding Zcash and its potential impact on Bitcoin is likely to continue.