Arthur Hayes has a new favorite coin — and it is not Bitcoin. The veteran crypto investor recently revealed that Zcash has become one of his largest crypto holdings outside of Bitcoin, a disclosure that has drawn fresh attention to a cryptocurrency that many had written off.
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Hayes said that as artificial intelligence, governments, and major tech firms gain more capacity to analyze public blockchain data, the demand for financial privacy will rise. Zcash, according to him, is designed for exactly that.
His view is not an isolated one. Barry Silbert, a known personality in the crypto investment circles, described Zcash as resembling Bitcoin during its infancy — specifically around 2013, when BTC was still a fringe asset before its first major wave of mainstream adoption.
That comparison has resonated with a group of early Bitcoin aficionados who feel the original crypto has drifted from its roots.
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“Shielded Zcash lets you swap and send any coin, USDT on Tron, Bitcoin, anything, and that transaction will not point back to you. Completely… https://t.co/AOWKNsDRbc pic.twitter.com/tytoAgM5q0
— Laura Shin (@laurashin) May 12, 2026
What Is Driving The Renewed Interest?
Based on a Wall Street Journal report, a good number of longtime Bitcoin holders who were present during a 2026 Las Vegas digital currency conference expressed dismay with how traceable and institutionalized Bitcoin has become.
Government agencies, exchange-traded fund issuers, and blockchain surveillance firms can now monitor on-chain transactions with increasing precision. For some investors, that level of transparency is a problem.
Zcash was built to solve it. Launched in 2016 by cryptographer Zooko Wilcox alongside researchers from Johns Hopkins and MIT, the coin uses a technology called zk-SNARKs that allows users to shield wallet addresses, transaction amounts, and transfer details.
Unlike Bitcoin, where all transaction data is public by default, Zcash gives users the option to transact privately while still allowing for transparency when needed.
Strengthening Demand
The renewed interest has shown up in the market. Since the start of May 2026, ZEC climbed from around $380 to a high near $615 before pulling back.
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The coin has gained more than 30% this month alone and is up nearly 50% over the past 30 days, significantly outpacing Bitcoin during the same stretch. At the time of writing, ZEC is trading below $520 after a 5.50% drop in the last 24 hours.
Institutional support is present. Grayscale Investments continues to offer exposure to Zcash through its investment products. Yet the coin still carries a significant risk that no amount of celebrity endorsement can eliminate.
Featured image from Pexels, chart from TradingView
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