ZEC Soars Over 60% In One Week: Tyler Winklevoss Says There Are More Millionaires In The World Than Whole Units Of Zcash

• Tyler Winklevoss said there were more millionaires in the world than whole units of Zcash.
• His brother Cameron Winklevoss tied the privacy coin to the AI trade the same day, arguing private money is essential in an age of superintelligence.
• ZEC jumped more than 66% in the past week to an eight-year high before pulling back, rebounding from a 57% single-day crash in June.

Zcash (ZEC) is back on traders’ radar. The privacy-focused cryptocurrency surged to an eight-year high over the weekend, briefly touching $888, as optimism around Grayscale’s proposed spot ETF combined with heavy derivatives activity boosted the token higher. The rally also drew a bullish endorsement from Gemini co-founder Tyler Winklevoss, co-founder and chief executive officer (CEO) of Gemini Space Station Inc. (GEMI).

Winklevoss said there were more millionaires in the world than whole units of Zcash, with 60 million millionaires compared to a 21 million cap on the privacy coin.

"Think about it," Winklevoss said on X on Monday. Zcash is better defined as a disinflationary cryptocurrency, not a deflationary token. 

Why Winklevoss Makes The Case For ZEC

New ZEC is still issued as block rewards, so the circulating supply is still growing, and ZEC is still inflationary on a current supply-growth basis. But Zcash has a hard cap of 21 million ZEC, and its halvings, which happen roughly every four years, cut the amount of new ZEC coming into circulation. This will decrease ZEC inflation over time and will eventually approach zero when the maximum supply is reached. 

Cameron Winklevoss Links Zcash To AI 

Gemini's co-founder and president, and his brother Cameron Winklevoss, tied the privacy coin to the AI trade on the same day."If you are bullish on AI, then you are bullish on Zcash," he said on X. "In the age of superintelligence, private money is essential."

ZEC’s price was trading up over 2% over the past 24 hours. On Stocktwits, the retail sentiment around ZEC remained in the ‘extremely bullish’ zone, while chatter around it stayed at ‘extremely high’ levels over the past day.

Grayscale’s ZCSH ETF Adds Fuel To ZEC Rally 

The posts from the Winklevoss brothers came after Grayscale’s fifth amended filing last week to convert its Zcash Trust into a spot exchange-traded fund (ETF) that will trade on the New York Stock Exchange (NYSE) Arca under the ticker ZCSH, with Coinbase (COIN) Custody holding the tokens.

ZEC has jumped more than 66% in the past week, with futures volumes of about $9.5 billion over 24 hours versus some $1 billion on spot exchanges, and open interest equal to about 13% of the token’s market capitalization. Late Sunday, it hit an 8-year high, trading at $888. 

The rally was a rebound from June, when ZEC crashed 57% in a single day, from $624 to $264.80, after developers revealed a soundness bug in the network’s Orchard shielded pool. The bug was fixed in an emergency NU6.2 upgrade, turned on June 3rd, and the Orchard pool was fully replaced with the Ironwood upgrade in July.

Read also: Tom Lee Says BitMine Has No Reason To Sell ETH With Staking Rewards Over $300M

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