Arthur Hayes, the co-founder of BitMEX, confirmed that Zcash (ZEC) is one of his largest crypto holdings outside of Bitcoin. The disclosure comes as ZEC has surged more than 30% in May 2026, outpacing Bitcoin and drawing renewed attention to privacy-focused coins. Hayes argued that demand for financial privacy will rise as AI, governments, and major tech firms increasingly analyze public blockchain data.
Hayes goes public with Zcash bet
In a statement this week, Hayes said Zcash's privacy features — powered by zk-SNARKs technology — make it a hedge against the growing surveillance of on-chain activity. The coin, launched in 2016 by cryptographer Zooko Wilcox and researchers from Johns Hopkins and MIT, allows users to shield wallet addresses, transaction amounts, and transfer details while still offering transparency when needed. Hayes isn't alone in his enthusiasm. Barry Silbert, founder of Digital Currency Group, recently described Zcash as resembling Bitcoin during its infancy back in 2013 — a period when the original cryptocurrency was still largely outside the institutional spotlight.
Why privacy coins are getting attention
The timing of the endorsement aligns with a broader shift in sentiment. Longtime Bitcoin holders at a 2026 Las Vegas conference voiced frustration with Bitcoin's growing traceability and institutionalization. Some said the very features that made Bitcoin attractive — a transparent, immutable ledger — now make it easier for governments and corporations to track transactions. Privacy coins like Zcash offer a counterpoint: the option to transact without leaving a permanent public record. Grayscale Investments continues to offer exposure to Zcash through its investment products, giving traditional investors a way in without handling the asset directly.
ZEC price action this month
Since the start of May 2026, ZEC climbed from around $380 to a high near $615 before pulling back. The coin is up nearly 50% over the past 30 days, a run that far exceeds Bitcoin's performance over the same period. At the time of writing, ZEC trades below $520 after a 5.50% drop in the last 24 hours — a reminder that even hot privacy tokens can cool off fast.
Risks remain
No amount of celebrity endorsement can eliminate the risk baked into Zcash. The coin faces regulatory headwinds in jurisdictions that view privacy features as a tool for money laundering. Its market cap remains small compared to major cryptocurrencies, making it prone to sharp swings. Whether the current rally reflects genuine demand for privacy or just a speculative spike driven by high-profile names is an open question. One thing is clear: Hayes, Silbert, and a growing cohort of disillusioned Bitcoiners are betting that anonymity still has a place in crypto — even if the government disagrees.
