Zcash continued one of the strongest recent moves in the large-cap space, setting a novel year-to-date high of $590 after rising more than 80% in six days. The move came after Multicoin Capital co-founder Tushar Jain revealed that the company had built a “significant position” in ZEC since February, viewing the deal as a bet on renewed demand for seizure-resistant private assets.
The disclosure added a deafening institutional voice to a rally that had already pushed ZEC to key technical levels. Crypto analyst Cheds Trading posted a chart of ZEC and described the move as a “strong continuation,” highlighting the breakout structure after ZEC reclaimed the major resistance area on the daily chart.
Multicoin ZEC Frames as Privacy Trading
Jain’s thesis focused less on short-term market structure and more on the role of privacy assets in a changing policy environment. In a thread on X, he said that Multicoin has amassed a significant ZEC position in recent months and argued that Zcash represents a return to the original ideals of privacy-oriented cryptocurrencies.
“Since February, Multicoin has built a significant position in $ZEC,” Jain wrote. “Zcash is a return to the cypherpunk ideals on which cryptocurrency was built.”
He then linked the investment case to concerns about estate taxes and asset seizures. Jain saw proposed policy changes in California as a warning sign and argued that if governments become more aggressive in targeting private assets, demand could raise for assets designed to protect financial confidentiality.
“California’s proposed asset forfeitures are a warning,” Jain wrote. “As the political trend toward the seizure of private wealth intensifies, people and institutions will increasingly seek out private wealth to protect themselves.”
This argument is noteworthy because it distinguishes between censorship resistance and financial privacy. Jain acknowledged Bitcoin’s fundamental strength as an asset that cannot be easily frozen or blocked at the protocol level, but argued that crystal clear holdings still pose vulnerabilities if governments can identify owners and target noticeable balances.
“Bitcoin is censorship resistant, no one can freeze your BTC or prohibit you from using it,” he wrote. “But that doesn’t stop the state from taking high-profile stakes through wealth taxes.”
ZEC Breakout attracts technical attention
ZEC rose to $549 on Wednesday, setting a novel year-to-date record after a six-day surge of 66%. The Binance daily chart below shows that ZEC is moving strongly above the highlighted resistance zone and the price is moving towards the upper range after the sturdy green daily candle.
“A strong sequel” to Cheds comment captured the technical reading from momentum-oriented traders: ZEC not only bounced off the local base, but appeared to break the prior supply area that had capped earlier gains.
This technical background matters because ZEC has historically been a high-beta asset during privacy coin rotations. When it moves, it often does so quickly. In this case, the price action was boosted by a clear narrative catalyst: a prominent cryptocurrency investment firm publicly backed 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 assets that are resistant to censorship and confiscation is not theoretical but increasingly practical.
“We believe that truly private, censorship- and confiscation-resistant assets have a clear product market fit and demand is accelerating,” Jain wrote. “We believe $ZEC is the purest way to express this thesis in the public markets.”
At the time of publication, ZEC was trading at $581.
Featured image created with DALL.E, chart from TradingView.com
