Grayscale founder and CEO of Digital Currency Group, Barry Silbert, who is known to be one of the biggest whales with the amount of Bitcoin (BTC) he and his companies hold, commented on a privacy-focused altcoin. Here are the details…
Bitcoin whale Silbert draws attention to Zcash (ZEC)
As we reported on Somanews, Barry Silbert, CEO of Digital Currency Group, which operates in the field of crypto money, drew attention to Zcash (ZEC) in a recent tweet and stated that the cryptocurrency is among the top 50 coins by its market value. Silbert attributed the momentum of Zcash, a privacy-focused altcoin, to the “investment theme of financial privacy” starting to gain importance.
Privacy coins have gained in value this week. Zcash has gained 14.2% in the last 24 hours, 20% in the last 7 days, and over 50% in the last 14 days. It’s changing hands at $154.31 at the time of writing. It is in the forty-eighth place with a market capitalization of $2.14 billion.
One organization on alert over ZEC
Meanwhile, influential think tank Brookings remains cautiously optimistic about Bitcoin and Ethereum, while raising the alarm about Zcash and another privacy coin, Monero. Brookings warns that cryptocurrencies that offer anonymity hinder criminal investigations and enforcement. In a note released Monday by Princeton and Cornell professors, Brookings acknowledges the concerns of lawmakers about crypto enabling sanctions violations or money laundering.
That said, Brookings reminded readers that most crypto assets (especially Bitcoin and Ethereum), as well as centralized exchanges, have significantly increased the ease of compliance with anti-money laundering and know-your-customer regulations. Instead, he recommended that law enforcement focus on anonymous cryptoassets like Monero and Zcash, as well as decentralized exchanges (DEXs). “While current policy fears of money laundering through cryptocurrencies have been exaggerated, there are a few trends that policymakers should be concerned about,” the authors wrote.