🚨 Larry Fink & BlackRock Just Created the ZCASH Bull Case | TrojanHorse Thesis

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Zcash와 프라이버시 코인 서사를 다룬 영상. 윙클보스 형제의 Zcash 매집과 Zcash ETF 가능성이 기관 프라이버시 정당화의 신호라고 주장하며, 이를 통해 DarkFi 등 프라이버시 인프라 전반이 10년 장기로 크게 성장할 것이라 주장. 프라이버시 섹터가 200B 규모로 확대될 수 있다고 언급. 대상 자산 목록에 해당 자산 가격 방향에 대한 1~3개월 단기 예측은 없음.

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01. Many think Grayscale and Wall Street are accidentally building the Trojan horse that is going to unleash the biggest privacy boom in crypto history. Right now, the entire crypto industry is celebrating the return of privacy as a narrative. The Winklevoss twins are accumulating Zcash. Institutions are finally acknowledging privacy has value.

02. And the market is waking up to a future that's going to be dominated by surveillance, AI tracking, CBDCs, and financial censorship. But here's the question no one's asking. What happens after privacy gets legitimized? Because once the world accepts that privacy matters, the battle shifts from whether privacy should exist to what kind of privacy is going to win.

03. And so, today I'm going to break down why I believe DarkFi is going to become the Trojan horse of the entire privacy sector, why Zcash may actually be opening the door for something much, much bigger, and why the next phase of crypto is not going to be private transactions alone. It'll be about private markets, private AI, private smart contracts, private coordination, and entire parallel economies.

04. So, this is not going to be a coin thesis. This is a thesis on where crypto is heading over the next decade. Let's get on to it. Privacy infrastructure right now is entering a deliberate accumulation phase by actors who really understand the long-term strategic importance of cryptographic capacity before the broader market does.

05. So, here are the timing patterns that we need to pay attention to. Firstly, we have orchestrated negative sentiment during lows. If you check the news when Zcash was trading at around 30 bucks, it was all fake orchestrated news. It was all done on purpose by massive players. Then after that, we have the Winklevoss accumulation narratives.

06. Okay, what does this mean? So, the Winklevoss twins are just some of the few people who successfully identified Bitcoin's importance extremely early. And when we have actors with that type of track record, they start accumulating privacy assets, the market starts paying attention, right? And so, the signal here is they believe privacy is entering the 2012 BTC phase.

07. And I think they're right. And just like with BTC, everyone's still laughing at them. But these guys, they know how to invest. They did so successfully with Facebook, with BTC, and they created a lot of businesses, they invested very well. And now they're saying the next phase is going to be privacy.

08. So, why Why important? The market follows elite capital. Narratives usually start with first the smart money accumulates, then it gets retail attention. We're at the beginning of that phase, and then we get real institutional adoption. So, after this, what we're going to get is the institutional positioning, meaning we're going to get ETFs.

09. They're coming. They're coming. The ETFs, the regulation, etc. That's what's happening right now. Then, what we had is infrastructure separation and restructuring. So, we had Zcash developments, ECC fragmentation, and think of it like this. It's a startup, it's growing, it's growing into a vast ecosystem.

10. And so, at the beginning, one company pretty much does everything and it's kind of centralized. It does research, it does development, marketing, funding, it does governance, etc. And as the project gets bigger and bigger, the functions start splitting. You had ECC fragmentation, which ECC was historically the main Zcash company, then Zcash the ecosystem is becoming kind of like less centered around it, and it's becoming more decentralized.

11. And this is all healthy. We're seeing decentralization, we're seeing Zcash become part of the main narrative, and I think everyone is still underplaying the importance of Zcash as a Trojan horse. So, think of it like this, okay? The real interesting Dark Fire critique of this is that the Zcash ETF is not going to simply be bullish for Zcash, okay?

12. This is where the dark horse thesis comes along. It's going to be bullish for the entire privacy stack, because once the regulator implicitly acknowledges that, you know, quote unquote privacy technology can exist inside regulated finance, then we've already won the intellectual battle, and the fight is going to move from should privacy exist, no longer that, it's going to go into what kind of privacy should exist.

13. This is a completely different discussion from the one we're still having right now. But, I think that battle has already been won, because we're going to have a Zcash ETF. So, if you look at the privacy debate historically, transparency is good. This is what the normies say, and privacy is suspicious.

14. A Zcash ETF is going to weaken the framing that normies have of the future of crypto, which is privacy. Because now the debate is going to become selective disclosure privacy versus cryptographic sovereignty privacy. This is the new paradigm that we're going to enter soon, okay? The normie-fy stuff, okay?

15. This is also part of like the whole RegFi DarkFi split in crypto, where you have hyper liquid, you have privacy with opt-in opt-out options. And then, on the other side of cryptographic sovereignty, BTC, DarkFi. Monero could enter this paradigm as well, but I think DarkFi makes all of the privacy obsolete.

16. So, we have the stuff that needs to be approved first so that the finance [ __ ] can be satisfied, you know? Oh my gosh, my government approved little crypto. And then we can get on to the real [ __ ] crypto was built for. So, in sum, the Zcash ETF is going to legitimize the first category. We're going to have institutional privacy, and so we're going to have, you know, stuff that's private to the public, but it's also auditable by authorities.

17. It's also visible when the authority requires. It's going to be compatible with banks, with funds, finance [ __ ] governments, VC normies, regulated markets, blah blah blah. Like all these people, they're on board with Zcash. Like it's an easier pill to swallow. And then, on the other side, with stuff like DarkFi.

18. If privacy is like a fundamental right, why should it require permission at all? And so, it's a very radical question. The ETF is indirectly normalizing the idea that privacy itself has value. So, all of the people that are criticizing Zcash, they like the normie brain only understands like hyper liquid.

19. Oh my gosh, it has revenue. No, no, no. What we're talking here is much bigger, much, much bigger as an idea, especially as a macro idea over the next 10 years, than anything else we have in crypto right now. That's why I think it's all noise. The only thing that really matters is DarkFi. Once society accepts that privacy has value, the next question is going to become who's going to control the access to privacy.

20. This is where the bifurcation again, RegFi DarkFi bifurcation begins. And a good example is HTTPS, right? The first battle was, should encrypted communication exist? That battle is basically won, it's over. Everyone today uses encryption. And now, we have to imagine like privacy finance is going to follow the same path.

21. First, privacy becomes legitimate, which the Zcash people are doing and helping, then privacy is going to become expected, which Zcash is taking a major, major, major role in this, and as expected, privacy is going to become the default. And then, the Zcash ETF is going to potentially help with step one, step two, step three, and then Dark Fi is going to be where you bet hard on step three, four, five, you know, the continuation of this.

22. So, philosophically speaking, this is why the ETF is going to matter so much more than the price. It's way more important. It's like we're opening the door for the massive Trojan horse, which is going to be eventually Dark Fi. Think of it like this. BTC ETFs normalized the idea of digital store of value, digital money.

23. A Zcash ETF is going to normalize financial privacy. And once privacy becomes normalized, the market is eventually going to start asking the obvious question, what is the most complete privacy architecture, privacy stack? And then, at that point, the conversation is going to move beyond. It's not going to be about, you know, private transactions or private store of value.

24. It's going to move from that, it's going to go into private stablecoins, private DAOs, private identity, private markets, private smart contracts, private AI, private digital offshore systems, BTC and non-OTC liquidity, and so on, and so on, and so on. And this is where the Dark Fi thesis becomes much, much bigger than Zcash itself.

25. So, step one, the Winklevoss twins were among the earliest institutional Bitcoin believers. They bought BTC when most people thought it was a joke. Their reputation was built on recognizing asymmetric bets, especially in crypto. So, when they allocate significant capital to Zcash, the market starts, you know, asking, "What are they seeing that I'm not seeing?" Then, step two, they didn't just buy Zcash, they created a treasury company around Zcash, which is a bolder statement.

26. What they're saying here is, "We believe this asset is very important. It's important enough to accumulate a strategic reserve." This is very different from what the market is thinking right now. They're thinking the price is going to go up, you know, "I'm going to take profits next quarter." They're thinking in terms of like the next decade.

27. They're thinking in terms of in the age of AI, in the age of surveillance, of total submission, of CBDCs, of you getting on your knees, obeying government, the demand for privacy is going to go [ __ ] exponential. And no one understands this. This is so obvious. That's what you're thinking. Zcash is the first step.

28. When people criticize Zcash and they go like, "Oh, but hyper liquid like, dude, this is much bigger." They're thinking much bigger than what the entire market is seeing right now. So, then we go into step three. They hire Zooko. This is arguably the most interesting part of the plan because if the goal was just financial, if they just wanted to buy here, sell Q4, get some exposure, buy buy buy, dump, they wouldn't bring in the founder.

29. What this suggests is that they have a long-term ecosystem participation. They're going to get advised by one of the smartest people in crypto. The smartest people in crypto are the Zookos, are the Amir Taakis, okay? The Adam Backs. It's not the VCs, it's not your [ __ ] traders on CT. These are the big brains right here.

30. So, who do you think the mega wealthy elites want by their side? By the way, Zooko is a huge fan of Dark Forest. You don't think he's going to tell the Winklevoss twins like, "Hey, this is big." Of course he is. It may be a hard pill to swallow, but I'm telling you that's where the [ __ ] market is shifting and moving.

31. This is huge. Everything happening is pointing towards the same direction. So, then we go into step four. The Winklevoss twins' goal is 5% total of the Zcash supply. So, they want to become strategic stakeholders. This is very similar to what we saw with BTC treasury strategy, right? But the most interesting part here is not Zcash.

32. The most interesting part is what this says about where the market is going, about privacy. Privacy is the most underpriced sector in crypto. When I say privacy is going to 10x, this is not an exaggeration. I'm merely saying it is slightly better than meme coins that went to 150 billion. If you look at the direction of the world, AI surveillance, CBDC, chain analytics, data harvesting, financial censorship, the world is fragmenting, we're going into multipolarity.

33. We need these tools. They fit the world thesis. They fit the multipolar world we're getting into, where we're going to see the global south rise a little bit with China. We're going to have more competition. We're going to have more markets. These tools are actually needed and they're going to be used by the elites and by governments.

34. So, every single trend in the world at the highest level increases future demand value for privacy. This is what these guys are seeing. So, I want you guys to understand this because this is the real signal in crypto. Here's where the thesis gets more interesting. So, the Winklevoss twins are right.

35. They are in good company. Suppose privacy is going to become the 200 billion sector that I mentioned in my previous video, which is obvious. Shouldn't even be questionable. Meme coins are 150 billion. What? Privacy can't outpace that by like, I don't know, 30, 40%? The next question is, where is the value going to concentrate?

36. Because historically, the value doesn't spread evenly. Someone takes 80% market share and you have category leaders. Right now, it's Zcash, but we're still in the early phases. So, BTC captured most of the digital gold value, Ethereum captured the smart contract value, Google captured search, Amazon captured cloud.

37. So, network effects, they're brutal and they concentrate. And so, if privacy is going to become a major narrative, the market is going to ask, what is the strongest privacy stack? It's not going to ask just, what's the strongest, you know, privacy coin? That small, tiny distinction is very important because Dark Fi is competing at the infra level and it's not just like currency, store of value.

38. And this is why it could be bigger than anything we have right now. Currently on testnet, working just fine. So, the strongest version of something like Dark Fi and its thesis is not Dark Fi beats Zcash and Monero. It's more something like Zcash legitimizes privacy and then Dark Fi is going to expand privacy into smart contracts, into DAOs, BTC OTC, anonymous liquidity, digital offshore systems, anonymous coordination, parallel societies.

39. We're going to tackle, say, Balaji's vision of network states. You can't have a network state without anonymity. Rogue states are going to crush you. Your neighbors are going to get envious. They're going to crush you. You need privacy so there's no people being kidnapped, for example. Balaji has like this big vision.

40. Peter Thiel invests in these kinds of things. These parallel societies will need private forms of cash and money. So, as I see it right now, Zcash is just the first step. It's the institutional bridge. It's the easy pill and then the hard pill to swallow is going to become Dark Fi, which is the broader privacy architecture that's going to deliver us the tools that were promised to us by Cypherpunk.

41. So, I'm not saying the Winklevoss twins are aligned secretly with Dark Fight. There's no evidence for that, but indirectly they are. Completely independent actors are arriving at the same conclusion. The future requires privacy. If enough smart capital independently reaches that same conclusion, privacy is no longer going to become a niche.

42. It's going to become a macro narrative. There is nothing else in crypto right now that could become this macro massive worldwide narrative. Nothing else. And once that happens, the market is going to start repricing privacy infra on a completely different scale. Anyways, this was today's video. I hope you enjoyed. See you guys in the next one.