Bloomberg’s Eric Balchunas says Zcash could dilute political and cultural support for Bitcoin, as critics accuse the privacy coin of manufactured hype.
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Bloomberg Senior ETF Analyst Eric Balchunas has warned that Zcash may adversely impact Bitcoin at this crucial moment.
In a recent on X, Balchunas said Zcash () has “third-party candidate vibes, like Gary Johnson or Jill Stein,” arguing that pushing a separate privacy coin risks “splitting the vote” when Bitcoin () needs unified political and cultural support.
Balchunas’s comment comes as the intensifies. Arman Meguerian, founder and CEO of Timestamp, dismissed the idea that BTC supporters are pivoting to Zcash. “I don’t know a single Bitcoin maxi that thinks about Zcash at all,” he on X.
Jan3 founder Samson Mow the sentiment, claiming that Bitcoin maxis are “only looking at Zcash to roll our eyes at it.”
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Critics accuse Zcash of manufactured hype
The backlash grew sharper as other industry personalities accused Zcash advocates of manufacturing hype.
Mark Moss, a Bitcoin-focused venture capitalist, seasoned entrepreneur, and educator, recently posted screenshots of outreach messages from marketing agencies offering paid ZEC collaborations. “Wonder why ZCash is showing up EVERYwhere all of a sudden?” he .
Market analyst Rajat Soni also that recent excitement around ZEC looks like an attempt to “find exit liquidity,” pointing to fabricated headlines claiming that Fidelity analysts predicted Zcash reaching $100,000.
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Winklevoss twins back Zcash
Nevertheless, not everyone is skeptical of Zcash’s recent resurgence. The Winklevoss twins, founders of Gemini and early Bitcoin investors, recently , the first Zcash-focused treasury company.
In an interview with Cointelegraph, they described Zcash as “encrypted Bitcoin”, arguing that Bitcoin is best for storing value while Zcash excels in private transactions. They view Zcash as complementary, not competitive.
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