Bitcoin's rebellious younger cousin is having a blockbuster year. Zcash, a lesser-known cryptocurrency built for privacy, has soared roughly 1,140% over the past 12 months, far outpacing bitcoin's 24% slump. Founded in 2016 by scientists and engineers, Zcash works like bitcoin but adds an optional privacy layer: users can encrypt transaction details while allowing "viewing keys" for auditors or regulators.
This mix of secrecy and flexibility is attracting early bitcoin champions. The Winklevoss twins have backed Cypherpunk Technologies, a firm stockpiling Zcash. Digital Currency Group has made it one of its largest holdings, and Grayscale wants to convert its Zcash trust into an ETF. Barry Silbert says, "It feels like bitcoin circa 2013."
Zcash's market value is around $8.9 billion, tiny next to bitcoin's $1.6 trillion. Regulators still eye privacy coins warily, though the SEC recently closed a probe into Zcash. Another key difference: bitcoin has an elusive creator, Zcash doesn't.
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