Zcash extended one of the strongest recent moves in the large-cap segment, setting a new year-to-date high of $590 after rallying more than 80% in six days. The move came after Multicoin Capital co-founder Tushar Jain revealed the firm had built a “significant position” in ZEC since February, framing the trade as a bet on renewed demand for foreclosure-resistant private assets.
The announcement added a high-profile institutional voice to a rally that had already pushed ZEC through key technical levels. Cryptoanalyst Cheds Trading published a ZEC chart and described the move as a “Strong Continuation”, highlighting the breakout structure after ZEC reclaimed a major resistance area on the daily chart.
Multicoin frameworks ZEC as a privacy store
Jain’s thesis focused less on short-term market structure and more on the role of privacy assets in a changing political environment. In a thread on Xu, he said that Multicoin has accumulated a sizeable ZEC position over recent months and argued that Zcash represents a return to the original ideals of privacy-focused cryptocurrency.
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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 cryptocurrency was founded.”
He then linked the investment case to concerns about wealth taxes and asset seizures. Jain pointed to the proposed policy development in California as a warning sign and argued that if governments become more aggressive in targeting private wealth, demand could increase for assets meant to protect financial confidentiality.
“California’s proposed wealth grabs are a warning,” Jain wrote. “As the political trend to seize private wealth continues to grow, people and institutions will increasingly look to private property to protect themselves.”
The argument is significant 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 transparent holdings still create 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 properties through a wealth tax.”
ZEC Breakout attracts technical attention
On Wednesday, ZEC climbed to $549, marking a new year-to-date high, after a six-day gain of 66%. The daily Binance chart below shows ZEC moving decisively above a prominent resistance zone, with price extending towards the upper range after a strong green daily candle.
Cheds’ “Strong continuation” comment caught the technical reading of momentum-focused traders: ZEC not only bounced off a local base, but appeared to break through the previous supply area that had limited earlier progress.
That technical background is important because ZEC has historically been a high-beta asset during the privacy coin rotation. When he moves, he often does so quickly. In this case, the price action was fueled by a clear narrative catalyst: a well-known crypto investment firm is publicly backing the asset as an expression of its privacy thesis.
Jain’s last point was the clearest expression of Multicoin’s investment logic. He argued that the demand for private property resistant to censorship and seizure is not theoretical but increasingly practical.
“We believe that a truly private asset, resistant to censorship and seizure, is 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 press time, ZEC was trading at $581.
Featured image created with DALL.E, chart from TradingView.com
