Bhutan ‘doesn’t recall’ selling any bitcoin, disputing widely-tracked $1 billion BTC drawdown
Bhutan denies selling $1 billion in bitcoin amid reports of significant outflows.
CoinDesk1 min read
Is Zcash The Next Bitcoin? Investors Rush Into The Privacy Coin Narrative
TL;DR
Arthur Hayes has shifted his focus to Zcash, citing its potential for financial privacy amid increasing blockchain surveillance. The cryptocurrency has seen a surge in interest and value, drawing comparisons to Bitcoin's early days.
Key points
- Arthur Hayes has increased his investment in Zcash.
- Zcash offers financial privacy amid rising blockchain surveillance.
- Zcash's value has surged over 30% in May 2026.
Mentioned in this story
Arthur HayesGrayscale Investments
Arthur Hayes has a new favorite coin — and it is not Bitcoin. The veteran crypto investor recently revealed that Zcash has become one of his largest crypto holdings outside of Bitcoin, a disclosure that has drawn fresh attention to a cryptocurrency that many had written off. Hayes said that as artificial intelligence, governments, and major tech firms gain more capacity to analyze public blockchain data, the demand for financial privacy will rise. Zcash, according to him, is designed for exactly that. His view is not an isolated one. Barry Silbert, a known personality in the crypto investment circles, described Zcash as resembling Bitcoin during its infancy — specifically around 2013, when BTC was still a fringe asset before its first major wave of mainstream adoption. That comparison has resonated with a group of early Bitcoin aficionados who feel the original crypto has drifted from its roots.
Arthur on why the Zcash and NEAR integration is the quietly building mechanism that flips NEAR from inflationary to deflationary
“Shielded Zcash lets you swap and send any coin, USDT on Tron, Bitcoin, anything, and that transaction will not point back to you. Completely… pic.twitter.com/tytoAgM5q0
— Laura Shin (@laurashin) May 12, 2026
What Is Driving The Renewed Interest?
Based on a Wall Street Journal report, a good number of longtime Bitcoin holders who were present during a 2026 Las Vegas digital currency conference expressed dismay with how traceable and institutionalized Bitcoin has become.
Government agencies, exchange-traded fund issuers, and blockchain surveillance firms can now monitor on-chain transactions with increasing precision. For some investors, that level of transparency is a problem.
Q&A
Why is Arthur Hayes investing in Zcash instead of Bitcoin?
Arthur Hayes believes Zcash offers essential financial privacy as blockchain surveillance increases, making it a more appealing investment.
How has Zcash's market performance changed recently?
Zcash's value has risen over 30% in May 2026, climbing from around $380 to a high near $615, significantly outperforming Bitcoin.
What technology does Zcash use to ensure privacy?
Zcash utilizes zk-SNARKs technology, allowing users to shield their wallet addresses and transaction details while maintaining optional transparency.
