$ZEC This wave of upward movement: the most undervalued catalyst isn’t an ETF, and it isn’t the halving—it’s the shift in narrative itself.

Helius CEO Mert Mumtaz told Unchained that ZEC’s rally is driven by its role as a “complete value storage instrument,” rather than the privacy feature cited by most observers—this repositioning pits the token against Bitcoin and gold. With privacy as the selling point, it targets only a small pool of capital that wants to conduct obscured transactions; with a currency premium as the selling point, its competition is Bitcoin and gold.

Meanwhile, Paradigm co-founder Matt Huang publicly confirmed that he holds ZEC, calling it “a privacy complement to Bitcoin,” further strengthening this narrative.

At the same time, Starknet co-founder Eli Ben-Sasson noted that part of ZEC’s rise comes from market concerns that Bitcoin is “too rigid” at the protocol level, and said that he has been told by Bitcoin holders that they have converted some of their positions into ZEC.

From a “privacy tool” to a “privacy version of Bitcoin,” and then to “a privacy complement to Bitcoin”—each time the narrative is upgraded, the circle of buyers expands by another segment. That’s what truly fuels ZEC. How much do you think it will rise?

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