"Crypto Without Privacy Isn't Crypto" - The Zcash Bull Case | Tushar Jain & Mert Mumtaz

May 19, 2026

AI Summary

5 min read

The episode centers on the argument that privacy represents the overlooked final stage in crypto’s development after Bitcoin proved digital scarcity, Ethereum added programmability, and later chains addressed scaling. Tushar Jain of Multicoin Capital and Mert Mumtaz make the case that Zcash is now positioned to capture this layer as a private store of value, combining cryptographic privacy with Bitcoin-like monetary properties at a moment when technological readiness, institutional trends, and regulatory windows align.

Why Privacy Reentered the Conversation

The speakers describe privacy as the last major property crypto failed to deliver at scale. Early developers, including Satoshi, recognized the need for it but lacked workable zero-knowledge tools to solve double-spend without exposing transaction details. Mert frames the sequence as proof of work, then programmability, then scaling, with privacy left behind once regulatory acceptance became the priority. Current pressures—AI-driven de-anonymization of on-chain data, wealth taxes, and the ability of any future administration to query transparent ledgers without warrants—have made the absence of strong privacy more visible. Zcash’s shielded pool now operates without a trusted setup, and wallets such as Zashi have shown usable private transactions, removing earlier practical barriers.

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What you'll learn

1 (00:02) **Guests and thesis setup** - Tushar Jain of Multicoin and Mert Mumtaz join to make the Zcash bull case
2 (05:54) **Mert’s entry into Zcash** - Early technical review of scaling designs reveals strong fundamentals and overlooked problems
3 (10:02) **Why Zcash and why now** - Convergence of institutionalization, AI de-anonymization risks, regulatory tailwinds, and mature ZK tech
4 (14:09) **Zcash vs Monero technical comparison** - Ring signatures vulnerable to AI tracing while Zcash’s ZK provides stronger anonymity
5 (17:15) **Institutional adoption path** - Transparent mode acts as Trojan horse for institutions while shielded pool grows organically
6 (22:06) **Store-of-value thesis** - Zcash competes in the SoV market as private Bitcoin with superior scalability
7 (26:32) **Addressing the bear case** - Privacy has repeatedly failed to gain traction, yet current conditions differ

+ Full timestamped outline available in the app

Show Notes

Zcash is having its first real narrative moment in years. David sits down with Multicoin Capital co-founder Tushar Jain and Mert Mumtaz to unpack why privacy may be crypto’s missing store-of-value primitive, why Zcash is being framed as “private Bitcoin,” how institutional adoption could normalize shielded money, what AI and onchain surveillance change about the privacy debate, and why quantum risk could become a real catalyst.

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TIMESTAMPS

0:00 Why Multicoin Got Interested in Zcash
5:22 Mert’s Path from Solana to Zcash
9:57 Why Zcash, Why Now?
17:01 The Institutional Path for Private Money
22:03 Zcash as a Private Store of Value
25:27 Fungibility, Tainted Coins, and Financial History
27:26 The Bear Case: Does Anyone Really Care About Privacy?
34:43 Onchain Surveillance and Government Power
39:13 Zcash Tokenomics and the Forgotten Coin Thesis
44:58 The Last PVE in Crypto
50:17 Zcash and the Quantum Threat
59:14 Shielded Pool Growth and Upcoming Catalysts

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RESOURCES

Tushar Jain
https://x.com/tushar_jain

Mert Mumtaz
https://x.com/mert

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