Zcash co-founder Eli Ben-Sasson has revealed a conversation he had with Strategy’s co-founder Michael Saylor, in which Saylor opposed the idea of privacy for Bitcoin. Saylor also explained why he doesn’t think BTC should have privacy, especially the kind of privacy that Zcash has.
Michael Saylor Pushes Back On Zcash-Style Privacy For Bitcoin
In an X post, Eli Ben-Sasson stated that Saylor opined that Bitcoin shouldn’t have privacy, at least not Zcash style, because that would allow nation states to shut down the flagship crypto. However, the Zcash co-founder disagreed, stating that there was a way to “have the cake and eat it too,” by allowing viewing keys alongside shielding.
This comes as the privacy narrative continues to heat up. As CoinGape reported, VanEck’s CEO, Jan van Eck, recently claimed that BTC OGs were exploring Zcash due to its much stronger privacy amid quantum threats and traceability concerns.
Meanwhile, BitMEX co-founder Arthur Hayes earlier described Zcash as “Bitcoin with complete privacy,” which is why he believes that the privacy token could reach 10% to 20% of the flagship crypto’s value in this cycle.
Crypto asset manager Grayscale had also described Zcash as being similar to Bitcoin in its design. Grayscale stated that ZEC was created from the original Bitcoin code base, but uses a privacy technology that encrypts transaction information and allows users to shield their assets. Notably, Grayscale recently filed for a Zcash spot ETF, which has further put the spotlight on the privacy coin.
Zcash Advocate Mert Criticizes Saylor’s Statement
In an X post, Zcash and privacy advocate Mert described Saylor’s comment as “disappointing.” He noted that files, chats, and photos can be encrypted, and so, encrypting money must be normal.
Mert further remarked that the entire premise of the crypto industry is “internet money that is free from any single nation,” but that the industry appears to be moving in the opposite direction, likely making Bitcoin and other non-privacy crypto assets susceptible to government control.
Mert had earlier mentioned that encrypted money on the internet was the principal reason why the cypherpunks created Bitcoin and crypto in the first place. He also noted that as crypto continues to gain widespread adoption, many people and institutions will realize that their transactions are transparent and that anything they do on-chain can serve as evidence against them.
He further stated that institutions are realizing this, which is why confidential transfers are now on the Solana network because these institutions requested them. Ripple developers also included integrated privacy tools on the XRP Ledger (XRPL) into their roadmap as they look to onboard institutions.
Meanwhile, Mert alluded to the fact that certain jurisdictions in Europe are slowly rolling out CBDCs with proposed spending limits, which makes privacy necessary on blockchains, including Bitcoin. He also expects to see these nations pass legislations that invade people’s privacy, making privacy necessary for crypto assets.
Source: https://coingape.com/michael-saylor-opposes-zcash-style-privacy-for-bitcoin-citing-shutdown-risk/
