Barry Silbert Forecasts Up To 10% Of Bitcoin's Market Cap Will Move To Privacy Coins—Crypto Mogul Says Zcash Can Rocket 500x, BTC Won't

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Barry Silbert, CEO of cryptocurrency conglomerate Digital Currency Group, said Wednesday that privacy-focused cryptocurrencies are poised to go the adjacent large concern accidental successful the industry.

During a speech with Anthony Pompliano at the Bitcoin Investor Week conference, Silbert said his thesis is that 5-10% of Bitcoin’s (CRYPTO: BTC) marketplace headdress would rotate into privateness coins, including Zcash (CRYPTO: ZEC).

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Silbert acknowledged that Bitcoin besides started arsenic an “anonymous” currency, but past it “lost the plot” owed to the emergence of on-chain analytics firms.

“Bitcoin, for each its astonishing attributes, is apt ne'er going to person immoderate privateness features,” helium argued.

That doesn’t mean Silbert is bearish connected Bitcoin’s semipermanent potential.

“I americium incredibly bullish astir Bitcoin arsenic a halfway portion of a diversified portfolio,” helium stated. “But I similar to put successful projects that I deliberation are transformative.”

Silbert argued that Bitcoin volition not soar 500 times unless the dollar crashes, but coins specified arsenic ZEC person that benignant of upside potential.

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Privacy-focused cryptocurrencies outperformed marketplace heavyweights, specified arsenic Bitcoin and Ethereum (CRYPTO: ETH), past year. ZEC and Monero (CRYPTO: XMR) surged 853% and 123%, respectively.

That said, these coins person failed to shield themselves from this year’s aboriginal crypto slump.

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Unlike Bitcoin, ZEC transactions by default bash not uncover the sending and receiving addresses oregon the magnitude being sent. However, determination is an enactment to disclose this information for auditing oregon regulatory compliance.