Samson Mow, Bitcoin maximalist and CEO of JAN3, has publicly questioned the sustainability of Zcash’s parabolic rally, which has surged over 1,000% year-to-date to a market capitalization above $22 billion. He considers this valuation artificially inflated and believes the market must inevitably revert to the mean, citing as fundamental weaknesses the historical dev tax, Grayscale’s high fees (2.5%) and governance centralization. Maximalists argue that Bitcoin layer-2 solutions like the Lightning Network render privacy coins redundant. Zcash supporters point to the NU7 upgrade, which will triple block generation speed, and the $306 million inflow into Grayscale’s spot ETF, although the fund recorded its first major outflow of $93 million this week.
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