Bitcoin Maximalists Clash with Zcash Advocates Amid Price Surge

Zcash price surge sparks debate between Bitcoin maximalists and privacy coin advocates.

As the price of Zcash soared to $700, a heated debate erupted within the crypto community between proponents of digital gold and the privacy coin.

Hunter Horsley, CEO of investment firm Bitwise, stated on X that those who adhere to the “Bitcoin only, everything else is a scam” philosophy would struggle to articulate their stance on the confidential cryptocurrency. His post triggered a flurry of comments.

“No, we are quite ready to call this obviously coordinated Pump & Dump of a venture coin a scam,” replied a user named Bit Paine, noting the 1500% rally since October.

Helius CEO and Zcash supporter Mert Mumtaz agreed with Horsley and interpreted the Bitcoin community’s criticism of the privacy cryptocurrency as conspiracy.

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At the time of writing, ZEC is trading around $688, ranking 16th in CoinGecko’s market capitalization list. In the privacy coin segment, the cryptocurrency leads by a significant margin over its competitors.

Former BitMEX CEO Arthur Hayes recently revealed that Zcash has become the second-largest crypto asset in his family office Maelstrom’s portfolio, after Bitcoin.

Previously, he urged holders of the privacy coin to withdraw assets from centralized exchanges. 
Earlier, Galaxy Digital analyst Will Owens called Zcash the “spiritual successor” to digital gold.