Billionaire Arthur Hayes says he believes one altcoin will grow to become as much as 20% of Bitcoin’s market cap – which would be a current value of about $19,743.
In a new interview with Coin Bureau, the BitMEX co-founder says he’s once again a believer in Zcash (ZEC), a privacy-focused altcoin that has already soared from around $54 in September to $514 at time of publishing.
[adinserter block="1"]Although he doesn’t think ZEC will ever challenge Bitcoin’s market cap, Hayes says there’s room for an alternative to BTC that’s reliably private.
“I think Bitcoin being pseudonymous is actually good because I want to be able to track Bitcoin.
But I also want to have internet cash where there is no traceability of that. And obviously, Monero was a thing that held that mantle for a while. But apparently the Japanese authorities were able to deanonymize Monero by supposedly linking together different disperate parts of some information and figuring out who owned what…
So yes, criminals shouldn’t do bad things. We don’t want them to do bad things. But again, if we’re talking about super safe private money, then we don’t want the government to be able to utilize the even greater computing power of AIs who can form patterns that we can’t even think of to de-anonymize some of these these networks.”
Hayes says he increased his bet on ZEC after experimenting with Zcash’s anonymous features and becoming familiar with its coin swap mechanics.
If ZEC’s price goes as high as Hayes hopes, that would represent about a 3,791% increase from its current value.
“I think that 10 to 20% of the value of Bitcoin quite quickly is something that Zcash could achieve.
There is your $10,000 to $20,000 price target on Zcash. And so I’ve bought a lot of it. Not going to tell you how much. And I’m still buying it. I think that this is probably going to be one of my better trades of the cycle. It already has been.”
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