Zcash has been getting a lot of attention lately, and not all of it is positive. As crypto regulation and political debates heat up, some analysts warn that Zcash’s momentum could do more harm than good.
As Bitcoin supporters call for unified support at a critical moment for crypto, Zcash entered the conversation, sparking debate.
Balchunas: Zcash Has “Third-Party Candidate” Energy
Bloomberg Senior ETF Analyst Eric Balchunas recently compared Zcash to a political spoiler candidate, the type that doesn’t win but still divides the vote. In a post on X, he said Zcash has “third-party candidate vibes, like Gary Johnson or Jill Stein.” He warned that promoting a separate privacy coin now could “split the vote” at a time when Bitcoin needs strong political and cultural unity.
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
To Balchunas, the concern isn’t only competition; it’s timing. Bitcoin is in the spotlight, especially as institutions and policymakers debate its role. Any distraction, he argues, could weaken that momentum.
Bitcoin Maxis
Not everyone agrees. Arman Meguerian, founder and CEO of Timestamp, dismissed the idea entirely. He said he doesn’t know “a single Bitcoin maxi that thinks about Zcash at all.”
I don’t know a single bitcoin maxi that thinks about Zcash at all https://t.co/xjuLTI8XZc
— Doc (@DrBitcoinMD) November 22, 2025
Samson Mow, founder of Jan3 and a well-known Bitcoin advocate, also weighed in. He stated that Bitcoin supporters are only observing Zcash to “roll our eyes at it.” In other words, they don’t see it as a real threat, just noise.
We are only looking at Zcash to roll our eyes at it. https://t.co/4ZVYe5H4zf
— Samson Mow (@Excellion) November 23, 2025
Critics Say Zcash Hype Looks Manufactured
As Zcash started trending, critics began pointing out suspicious activity. Bitcoin investor and educator Mark Moss shared screenshots showing marketing agencies offering paid ZEC partnerships. His question: Why is Zcash suddenly appearing everywhere?
Wonder why ZCash is showing up EVERYwhere all of a sudden? 👇 pic.twitter.com/1WMcu0jx8x
— Mark Moss (@1MarkMoss) November 20, 2025
Market analyst Rajat Soni also cautioned that some of the excitement could be a way for early holders to “find exit liquidity”. He pointed to fake headlines claiming that Fidelity analysts predicted Zcash would hit $100,000, a prediction that never came true.
Winklevoss Twins Push Back
Still, not everyone is sceptical. The Winklevoss twins, founders of Gemini and early Bitcoin believers, have returned to the spotlight. They recently launched Cypherpunk Tech, the first treasury company fully dedicated to Zcash. They call it “encrypted Bitcoin,” with Bitcoin for storing value and Zcash for private transactions. To them, the two coins aren’t competitors but complements.
Privacy is the precondition for many of our freedoms. It’s the point at which government and corporate reach end and our individual freedoms and self-sovereignty begin. As our lives have moved online, privacy’s become a rare, vanishing commodity.
That’s why we founded Cypherpunk… https://t.co/PD38Id90pg
— Tyler Winklevoss (@tyler) November 12, 2025
Conclusion
Zcash is back in the limelight, and people are on both sides of the debate. Some individuals worry that it could divert attention from Bitcoin at crucial moments. Others are confident it serves a unique and beneficial function. In any case, the discussion about Zcash and its implications for Bitcoin has only just begun.
Disclaimer
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