Multicoin Capital Co-founder Tushar Jain said that the recent strong investment in Zcash was driven by the convergence of strong market traction, improved infrastructure and a broad return to the roots of the secret crypto a. Speaking on the latest Bankless podcast released on May 19, Jain argued that Zcash has moved from a “left for dead” currency to a trusted store of value.
Jain said Multicoin has watched Zcash for years with uncertainty. The asset, in his opinion, has suffered from long-term weak interest, underutilization and little evidence that private interest can stabilize the market. This changed after Zcash went through a lot of raids, improvements, and still maintaining the strength of the community and the market at a higher level than in previous years.
History of Multicoin Zcash
“When I see something like that, I always stop and wonder, is this a product? Is it sustainable? Is there a real foundation of support here?” Jain said. “And when you see the tree doing what it did last year, what we saw was a lot of backsliding. When I saw it go back, what I saw was one, the people talking about it were still excited about it.
Jain said that helped Get Multicoin “online”. The company interpreted the correction not as a case of failure, but as a stress test. Zcash, he argued, retained the “important people” behind it and showed that the interest in the economy was not just a temporary explosion.
Collaborative Reading
The discussion, which also featured Helius Labs founder Mert Mumtaz, pitched Zcash as a possible solution to what both guests described as an unsolved crypto privacy problem. Mumtaz, who said he started focusing on Zcash in early 2024 after reviewing his plans to upgrade, said privacy has been “the biggest thing that crypto has forgotten,” especially as establishment of institutions it pushes many economic activities into transparent channels.
The main thesis of Jain money is that Zcash is not going to be the best payment method. He described the real market of the property as a store-valued sector, where the connection of nature, quality and value of property matters as a raw technical skill. In this, he argued, Zcash is starting to create a Schelling point around the storage of private wealth.
“The market that Zcash is competing in is a store of value,” Jain said. “Like that is a service that works and keeps its value and it is more risky than Bitcoin and it supports more returns and so on.
Jain compared this volatility to the initial volatility of Bitcoin: many people who see the economy as a store of value make him a good candidate for the position. He added that Zcash now has the opportunity to benefit from a similar strategy, especially if it remains a private equity market with market cap, volume, interest and other important metrics.
Collaborative Reading
Foreigners too distinguish Zcash from Monero. Mumtaz said that Monero’s ring design relies on fraud, while Zcash’s secure model provides a solid cryptographic foundation. Jain emphasized another but related point: race. In his words, Zcash is less a tool for abuse and more like a “common man’s secret.”
“Zcash is not that,” said Jain, referring to Monero’s dark associations. “Zcash is for the average person who says, no, I care about my privacy, not because I’m doing anything illegal or have anything to hide, but because I don’t have to reveal my entire financial history to every person I interact with.”
This deployment, he argued, would make Zcash more acceptable to organizations and a larger group of users. The transparency of the assets can help the organizations to show themselves, while the reform of the wallet and the methods of reaching the people can push more transactions into the safe pool over time.
The podcast also addressed the bear directly: investors repeatedly overstated the need for privacy, and past privacy issues have often ended well. Jain admitted that Zcash was initially “too expensive,” difficult to use, weakly marketed and dependent on centralized exchanges for purchases. But he said the past 18 months have changed the establishment, citing better bag accessories, more attention, and a more sophisticated look that have made private stores more valuable.
Mumtaz added that the upcoming features may be important to implement, including Ledger’s support for secure ZEC, a secure share of 31% to 32%, reducing the block time from 75 seconds to 25 seconds, and increasing the amount of resistance.
At press time, ZEC traded at $584.82.
Graphic design by DALL.E, chart from TradingView.com
