Bloomberg Analyst Warns Zcash Is At Risk Of Sharing Votes Against Bitcoin

JAKARTA - Bloomberg ETF Senior analyst Eric Balchunas warned that increasing spotlight on Zcash (ZEC) could have a negative impact on Bitcoin at a moment that is considered very important to the largest crypto asset.

In his latest upload on X (Twitter), Balchunas said that Zcash has a vibes of third-party candidates, such as Gary Johnson or Jill Stein. He assessed that the push to promote privacy coins separately could actually 'share votes' at a time when Bitcoin needed more solid political and cultural support.

Balchunas' comments sparked increasingly crowded discussions regarding Zcash's position in the crypto ecosystem. Arman Meguerian, CEO of Timestamp, dismissed the notion that Bitcoin supporters were turning to Zcash. "I don't know a single Bitcoin maxi who thinks of Zcash," he said on X.

That opinion was also reinforced by Samson Moscow, founder of Jan3, who said that Bitcoin supporters only "saw Zcash to then twist the eyepiece" of a cynical expression that they did not consider ZEC relevant.

A number of industry leaders have accused that the surge in attention to Zcash is not an organic movement, but an engineered campaign.

Mark Moss, investor and educator focused on Bitcoin, posting a screenshot of a message from a marketing agency offering paid collaboration related to ZEC. Why is Zcash suddenly showing up everywhere? he wrote.

Market analyst Rajat Soni also stated that the latest euphoria around ZEC looked like an attempt to find an 'exit liquidity.' He highlighted a fake headline claiming Fidelity analysts predicted the ZEC could reach a price of 100,000 US dollars which later proved not true.

Despite the many criticisms, not all parties cast doubt on Zcash's rise. Cameron and Tylerhubunganvss, founder of Gemini as well as early investor Bitcoin, founded Cypherpunk Tech, the first treasury company to focus on Zcash.

In an interview with Cointelegraph, they referred to Zcash as Bitcoin encrypted, with the argument that Bitcoin excels as a store of value, while Zcash is more suitable for private transactions. For them, Zcash is not a competitor in addition to ecosystem complements.

Bitcoin vs Zcash debate seems to be continuing to heat up, especially with increasing political pressure and regulations on crypto assets around the world. Whether Zcash really threatens support for Bitcoin or actually strengthens options for privacy-first users, it seems that it is still an open question in the crypto community