Grayscale just dropped a report saying Zcash could actually challenge Bitcoin's network effects.

ZEC does what BTC does, but your transactions stay private. No one sees who sent what to whom. In a world where AI can map your entire financial life from a public ledger, privacy isn't optional anymore.

$ZEC is up 19x in a year. Still under 1% of Bitcoin's market cap.

Grayscale's model shows if ZEC takes even a small slice of BTC's market, the implied price multiplies several times over. The chart makes it pretty clear.