The Rise of Privacy: The Next Chapter in Crypto
Arthur Hayes, former CEO of BitMEX, has declared that privacy will dominate the global crypto narrative by 2026. He argues that growing surveillance in traditional finance is fueling a technological backlash, with decentralized privacy protocols at its core.
Zcash: The Beta Play in Privacy
Hayes revealed that his family office began systematically accumulating Zcash in Q3 2025. With the network flying under the radar for years, it offered exceptional valuation appeal and has now become their second-largest liquid holding after Bitcoin.
He stresses that Zcash is not a speculative bet but a foundational asset in the privacy infrastructure stack—what he calls the 'privacy beta.' As regulatory scrutiny intensifies, demand for on-chain anonymity will surge, forcing a fundamental repricing of such protocols.
Zero-Knowledge Proofs: The Trust Engine of Tomorrow
Hayes’ team is now shifting research and investment focus toward the zero-knowledge proof (ZKP) ecosystem. He believes ZKP will not only enable private transactions but also serve as the bedrock of trust for future Web3 applications.
- ZKP enables fully anonymous on-chain interactions
- Offers a technical compromise between compliance and user privacy
- Drives innovation in DeFi, digital identity, and decentralized governance
With the Fed signaling prolonged monetary easing, expanding dollar liquidity could flow into censorship-resistant assets once again. In this macro environment, privacy protocols may mirror the 2017 smart contract revolution, emerging as the primary engine of the next market cycle.