Bitcoin vs Zcash – The Debate Heats Up as ZEC Surges Back Above $700

• Zcash (ZEC) bounced back above $700 after dropping to $598.
• The rise fueled heated arguments between Bitcoin and Zcash communities.
• Critics call the ZEC rally a “pump and dump,” while supporters defend it as real demand.
• Zcash hit eight-year highs and overtook Monero as the top privacy coin.
• Major industry leaders like Arthur Hayes and Winklevoss Capital are backing ZEC.
• Zcash’s rally revived discussions about adding privacy features to the Bitcoin protocol.

The ongoing Bitcoin vs Zcash debate has intensified as Zcash jumped back above the $700 level, a strong recovery after dropping to $598 the previous day. This sharp price rebound has taken over crypto discussions, highlighting the growing divide between the two communities.

The conversation exploded when Hunter Horsley, CEO of Bitwise, posted on X that Bitcoin maximalists would struggle to explain Zcash’s unexpected rise. His comment quickly triggered hundreds of replies, debates, and arguments from both sides of the crypto world.

Bitcoin supporters did not hold back. Many labeled the Zcash rally as an “obvious coordinated pump and dump,” pointing to its massive 1,500% price increase since October. They argued that such a huge jump in such a short time could only be the result of manipulation, not genuine adoption or value growth.

However, Zcash advocates strongly disagreed.

Mert Mumtaz, CEO of Helius and a well-known Zcash defender, said the criticisms were based on conspiracy theories rather than facts. In his view, the Bitcoin community is struggling to accept that another coin—especially a privacy-focused one—is suddenly gaining so much attention.

Zcash’s recent rally is indeed historic. After hitting eight-year highs in October, ZEC officially surpassed Monero (XMR) to become the largest privacy coin by market capitalization. At the time of writing, Zcash’s market cap sits above $11.2 billion, bringing it close to entering the top 10 cryptocurrencies worldwide. If momentum continues, Zcash could soon overtake Cardano (ADA), which holds a $17 billion market cap.

Industry leaders and major investors are paying close attention.

• Arthur Hayes, founder of BitMEX, revealed that ZEC is now the second-largest liquid investment in his family office, Maelstrom—only Bitcoin ranks higher.
• In a surprising move, Leap Therapeutics, a biotech company, rebranded itself to Cypherpunk Technologies, a company focused on the Zcash treasury.
• The rebrand, backed by Winklevoss Capital, caused the company’s stock to surge by over 170%, adding even more fuel to the Zcash momentum.
  

The strong price action and renewed interest in privacy have also revived an old debate within the Bitcoin community: Should Bitcoin support privacy features natively?
Developers and researchers are now discussing the reactivation of a Bitcoin opcode known as OP_CAT. This function could introduce on-chain privacy capabilities and other advanced features directly into Bitcoin without needing external layers or sidechains. The timing of this renewed debate shows how influential the Zcash rally has become.

Overall, Zcash’s breakout has driven new attention to privacy, decentralization, and crypto innovation. Whether this momentum continues—or forces Bitcoin developers to rethink their approach to privacy—remains one of the biggest questions in the market today.

Final Thought

The rapid rise of Zcash and the intense debate around it show how quickly narratives can shift in crypto. ZEC’s performance, rising institutional support, and growing interest in privacy have pushed the project back into the spotlight. Whether Zcash is entering a long-term growth phase or simply causing Bitcoin to evolve, one thing is clear: the privacy coin conversation is far from over.