Multicoin Capital takes a significant $ZEC position — a full reversal from its 2019 stance on privacy coins!

Multicoin Capital co-founder Tushar Jain disclosed at Consensus Miami that the firm has built a "significant position" in Zcash, arguing that private stores of value will become critical as finance migrates on-chain. The move is a notable pivot: in 2019, Multicoin published an essay contending that privacy was a feature of valuable cryptocurrencies, not a standalone product — and that users shouldn't have to leave BTC or ETH to get it.

ZEC is trading near $570, up roughly 122% over the past month and more than 1,500% over the past year. Grayscale has separately argued that ZEC's upside is tied to a repricing of financial privacy in an AI-driven world, while Zenrock's wrapped ZEC product on Solana crossed $15 million in volume last year, signalling growing DeFi crossover demand.

The broader panel at Consensus framed privacy as a market-structure issue — not a cypherpunk niche…