Zcash continued one of the strongest recent moves in the large-cap space, setting a new high of $590 for the year to date after surging more than 80% in six days. The move came as Multicoin Capital co-founder Tushar Jain announced that the company has built a “significant position” in ZEC since February, viewing the trade as a bet on renewed demand for private, seizure-free assets.
The revelation added a high-profile institutional voice to a rally that had already pushed ZEC through key technical levels. Crypto analyst Cheds Trading posted a ZEC chart and described the move as “Strong continuation,” highlighting a breakout structure after ZEC reclaimed a key resistance area on the daily chart.
Multicoin Frames ZEC as a privacy trade
Jain’s dissertation focused less on short-term market structure and more on the role of privacy assets in a changing political environment. In a thread on
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“Multicoin has built a significant position in $ZEC since February,” Jain wrote. “Zcash is a return to the cypherpunk ideals on which crypto is based.”
He then linked the investment case to concerns around wealth taxes and asset seizures. Jain pointed to the proposed policy developments in California as a warning sign, arguing that as governments become more aggressive in attacking private wealth, demand could increase for assets intended to protect financial confidentiality.
“The proposed seizures of wealth in California are a warning sign,” Jain wrote. “As the political trend to grab private wealth continues to grow, people and institutions will increasingly look to private wealth to protect themselves.”
The argument is notable because it distinguishes between resistance to censorship and financial privacy. Jain acknowledged Bitcoin’s core strength as an asset that cannot be easily frozen or blocked at the protocol level, but argued that transparent holdings still create a vulnerability if governments can identify owners and target visible balances.
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“Bitcoin is censorship resistant, no one can freeze your BTC or stop you from using it,” he wrote. “But that doesn’t stop the state from confiscating known assets through wealth taxes.”
ZEC Breakout attracts technical attention
On Wednesday, ZEC climbed to $549, marking a new YTD high, after a six-day rise of 66%. The daily Binance chart below shows ZEC moving decisively above a marked resistance zone, with the price extending into the higher range after a strong green daily candle.
Cheds’ “Strong Continuation” remark reflected the technical interpretation of momentum-oriented traders: ZEC had not only recovered from a local base, but appeared to have broken above a previous supply area that had capped previous advances.
That technical background matters because ZEC has historically been a high-beta asset during privacy coin rotations. When it moves, it often goes so fast. In this case, the price action was amplified by a clear narrative catalyst: a well-known crypto investment firm publicly backing the asset as an expression of the privacy thesis.
Jain’s last point was the clearest expression of Multicoin’s investment logic. He argued that the demand for private, censorship and seizure-resistant assets is not theoretical, but increasingly practical.
“We believe that truly private, censorship and seizure-resistant assets have a clear product-market fit and demand is increasing,” Jain wrote. “We believe $ZEC is the cleanest way to express this statement in public markets.”
At the time of writing, ZEC was trading at $581.
Featured image created with DALL.E, chart from TradingView.com