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Digital Currency Group (DCG) CEO Barry Silbert said he expects 5%-10% of Bitcoin to migrate over the coming years into privacy-focused cryptocurrencies such as Zcash. Speaking at the Bitcoin Investor Week conference in New York on Wednesday, Silbert described privacy coins as an “asymmetric” investment opportunity, arguing they could generate returns far beyond Bitcoin’s upside at its current scale.
Silbert said he remains bullish on Bitcoin as a core portfolio asset, while also looking for projects with “transformative” potential and “100x, 500x, 1,000x” style return opportunities. He cited Zcash and Bittensor as examples and suggested that Bitcoin’s 500x growth is unlikely unless the value of the dollar collapses.
Within DCG’s view, the key bet is that 5%-10% of Bitcoin could flow into privacy-oriented cryptocurrencies in the next few years as market dynamics evolve. Silbert also acknowledged that Bitcoin has moved away from its original “anonymous cash” narrative, while blockchain analytics firms have altered Bitcoin’s privacy profile.
Silbert pointed to Grayscale as an institutional participant in privacy-focused crypto investment. Grayscale launched the Grayscale Zcash Trust in 2017 and has been working to convert it into an ETF.
He also addressed concerns related to future technology risks, including quantum computing. Silbert characterized Zcash as a hedge, citing its zk-powered blockchain design as providing protection against future technical threats, which he said strengthens the investment case.
Silbert said the regulatory environment has shifted in a way that makes it easier to discuss financial privacy. He referenced growing comfort addressing these topics under SEC leadership and said privacy is the current focus.
He added that while he is skeptical that Bitcoin will adopt privacy features, demand for private digital money remains, creating opportunities for privacy-focused alternatives. Silbert framed financial privacy as a fundamental right and a major market opportunity, noting that DCG has backed Zcash for years and that the current climate allows for stronger advocacy.
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