Zcash co-founder Eli Ben-Sasson recently revealed a discussion with MicroStrategy’s Michael Saylor, where Saylor firmly opposed adding strong privacy features to Bitcoin. According to Ben-Sasson, Saylor argued that Zcash-level privacy could expose Bitcoin to national security pressure, giving governments the justification to shut the network down.
Ben-Sasson disagreed with this view, suggesting that solutions such as viewing keys could balance transparency and shielding. His comments arrive at a time when the debate around on-chain privacy is intensifying. VanEck CEO Jan van Eck noted that long-time Bitcoin holders are now exploring Zcash as concerns rise about traceability and potential quantum threats. BitMEX co-founder Arthur Hayes has also described Zcash as “Bitcoin with complete privacy,” predicting it could reach 10% to 20% of Bitcoin’s value this cycle.
Grayscale has echoed similar sentiments, emphasizing that Zcash is built on Bitcoin’s original code base but adds encrypted transaction capabilities. The firm recently filed for a Zcash spot ETF, further elevating interest in privacy-focused cryptocurrencies.
Privacy advocates have pushed back strongly against Saylor’s position. In an X post, Zcash community member Mert called Saylor’s stance “disappointing.” He argued that encryption is already normal in files, chats, and digital communication, so encrypting money should not be controversial. Mert added that cryptocurrency was created to be “internet money free from any single nation,” yet the industry appears to be moving toward increased government oversight.
Mert highlighted that widespread crypto adoption is making users more aware that their on-chain activity is fully transparent. As institutions recognize this, they are requesting confidential transfer capabilities—already available on Solana and planned for the XRP Ledger (XRPL) as part of its institutional roadmap.
He also pointed to emerging European CBDC frameworks that include spending limits, suggesting that future policy shifts may weaken user privacy. For this reason, Mert believes privacy tools will become essential across blockchains, including Bitcoin, as regulatory pressures grow.
