Zcash Price Could Reach $4,000 If It Captures Just 2% of Bitcoin and Gold Markets, Says CIO

While most of the crypto world is focused on Bitcoin and Ethereum, one investor is making the case that Zcash could be one of the most undervalued assets in the entire market. Will McEvoy, Chief Investment Officer at Cypherpunk Holdings, sat down with CoinDesk to lay out exactly why he believes ZEC could reach $4,000, and the logic behind that target is more grounded than it might first appear.

The Math Behind $4,000

McEvoy’s price thesis is built on a simple comparison. If Zcash could capture just 2% of Bitcoin’s total value, by convincing a small slice of Bitcoin holders that a truly private version of the asset is worth owning, ZEC would be trading close to $2,000. Push that further, he argues, and the number climbs fast.

“If you expand that and get to convince some gold owners and offshore wealth holders, whether people holding money in offshore bank accounts or value in art, you can get to $3,000 or $4,000,” McEvoy said. “And in the long run there’s quite a good setup for much higher.”

The target audience here is not retail crypto traders. It is the global pool of capital that already operates outside traditional financial systems and is looking for a digital home.

Why Bitcoin Cannot Do What Zcash Does

A common pushback on privacy coins is that Bitcoin already offers some degree of anonymity. McEvoy mostly disagreed on that idea. Bitcoin, he explained, is pseudonymous at best, and in a world increasingly powered by AI, that distinction matters enormously.

“AI is already very good at stitching together disparate data sources,” he said. “If there is a data leak about you, or public information on your social media, any information about you will be used to deanonymise the Bitcoin blockchain.”

Gold Has the Same Problem

McEvoy also addressed the idea that gold provides meaningful privacy. He said that Gold is private in a limited sense, but it cannot be moved quietly. When a central bank ships tonnes of gold across the world, it loads pallets onto aircraft. That is not private. Zcash moves value across borders without leaving a public trail.

The Regulatory Question

The SEC ended its investigation into Zcash earlier this year, which removed one major cloud hanging over the project. But McEvoy acknowledged that regulatory risk has not disappeared entirely. A future SEC chair could take a different view on privacy coins, and clear legislation in the U.S. has not yet arrived.