Grayscale: Zcash could challenge Bitcoin’s network effects

The framing here flips a common narrative: privacy is positioned not as a niche feature but as a potential structural edge against Bitcoin's dominance. The reference to ZEC's price surge alongside its tiny market-cap share suggests the market is pricing in a speculative premium on future adoption rather than current usage. What matters is whether privacy demand translates into sustained network growth, not just a valuation gap. Watch whether institutional interest, as hinted by Grayscale's commentary, moves beyond price appreciation into actual infrastructure or integration, which would test the 'challenge' thesis more concretely.