Look at how dramatic the privacy sector has been. For the past decade it was radioactive: in 2022 the Treasury sanctioned the Tornado Cash contracts, in 2024 the founder of Samourai Wallet was arrested and later sentenced to 5 years and 4 years respectively, and exchanges delisted privacy assets one by one under anti-money-laundering pressure — privacy was a liability. Then everything flipped: in March 2025, the Fifth Circuit ruled that immutable smart contracts are not property that OFAC can sanction, and Tornado Cash was removed from the sanctions list; in October, Naval made the famous remark, positioning Zcash as “insurance against Bitcoin”; in January 2026, Arthur Hayes wrote an article, turning $ZEC into his second-largest liquid position after Bitcoin. Price followed the narrative: ZEC rose from a 52-week low of $38 to 888, with a market cap of $13.4 billion; $XMR also climbed above 500, up 94% on the year. Grayscale even converted the Zcash trust into the first spot privacy-coin ETF in the United States — with a 2.5% annual fee, ten times that of Bitcoin ETFs, and people still bought in.