Rising Zcash Promotion Triggers Concerns About a Fractured Bitcoin Base
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A new wave of debate has emerged around Zcash after Bloomberg analyst Eric Balchunas argued that the privacy-focused cryptocurrency could undermine Bitcoin at a sensitive moment for the industry.
In a post on X, he compared Zcash’s renewed push to a third-party political candidate – suggesting that introducing a competing narrative risks weakening the broader support Bitcoin relies on in cultural and regulatory conversations.
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
His comments landed in the middle of an increasingly tense back-and-forth between supporters of both assets. Arman Meguerian, who leads Timestamp, dismissed the idea that Bitcoin users are drifting toward Zcash, saying he didn’t know a single hardcore BTC advocate who even pays attention to it. Samson Mow took a similar stance, claiming that Bitcoin loyalists only acknowledge Zcash in order to mock it.
The criticism intensified when several industry figures began accusing Zcash promoters of artificially generating buzz. Venture capitalist Mark Moss shared screenshots of agencies offering paid promotional opportunities tied to ZEC, asking why the coin was suddenly appearing “everywhere.”
Market analyst Rajat Soni went further, calling the recent surge in attention an attempt to create “exit liquidity,” pointing to circulating fake headlines that falsely claimed Fidelity analysts expected Zcash to hit $100,000.
Despite the skepticism, Zcash has also gained high-profile supporters. The Winklevoss twins – early Bitcoin investors and founders of Gemini—recently launched Cypherpunk Tech, a new company dedicated solely to building a Zcash-based treasury. They told Cointelegraph that they view Zcash as “encrypted Bitcoin,” arguing that Bitcoin is unmatched as a store of value, while Zcash fills the need for strong privacy in everyday transactions. From their perspective, the two networks serve different roles rather than competing for the same one.
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