- Bloomberg ETF analyst Eric Balchunas compared the push for Zcash to a “third-party candidate,” warning it could “split the vote” and divert attention away from Bitcoin at a critical time.
- The recent attention on Zcash is fueling arguments, with some Bitcoin advocates dismissing it and others questioning the sudden, aggressive marketing push behind the privacy coin.
- Critics suggest the renewed marketing may be an effort to “find exit liquidity” and have cited false headlines claiming Fidelity analysts had forecast Zcash reaching $100K.
Bloomberg Senior ETF Analyst Eric Balchunas has compared the current promotion of Zcash to a “third-party candidate” in politics, saying on X that the privacy coin has “Gary Johnson or Jill Stein vibes” and warning it may “split the vote” at a time when Bitcoin is seeking broad backing.
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 tho.
Eric Balchunas, Senior Bloomberg ETF Analyst.Related: Matt Hougan on Why Bitcoin Has Value: ‘How Is It Worth $2 Trillion?’
Zcash Shady Businesses
His remarks followed renewed arguments online over whether Zcash is drawing interest from Bitcoin advocates. Arman Meguerian, founder and CEO of Timestamp, wrote that he does not know “a single Bitcoin maxi that thinks about Zcash at all,” while Jan3 founder Samson Mow said Bitcoin supporters are “only looking at Zcash to roll our eyes at it.”
Comments were also focused on the apparent marketing push behind ZEC, with Mark Moss, chief bitcoin strategist at Satsuma UK, posting screenshots of outreach from agencies proposing paid Zcash campaigns and questioning why the asset was “showing up EVERYwhere all of a sudden”.
In the screenshot, someone by the name Tom Benny, who manages “KOL opertations” (yes, with the typo), said Zcash is “basically like Bitcoin with a privacy super power”.
Moreover, crypto analyst Rajat Soni said the recent attention looks like an effort to “find exit liquidity” and that anyone who buys the coin might “get dumped on the second you own it“.
“Scammers. This is why I will never buy Zcash. They need exit liquidity. Buy at your own risk.”
Soni shared a screenshot from Crypto Guru, discussing the fake headlines circulating online that falsely claimed Fidelity analysts had forecast Zcash reaching US$100K (AU$154K).
Keep in mind that Zcash has been around for over 8 years, and just recently experienced a massive price pump. In the last 3 months alone, the coin has surged over 1300%, going from around US$50 (AU$77) to over US$560 (AU$867), according to CoinGecko data.
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