Grayscale Says Zcash Has 3 Features Bitcoin Lacks — and Room to Take Its Share

Grayscale argues Zcash offers three capabilities Bitcoin lacks: cryptographic privacy via zk-SNARK–based shielded transactions, selective disclosure/viewing keys that let users share transaction data with third parties, and protocol-level fungibility that preserves transactional privacy. These features make Zcash more suitable for privacy-sensitive payments and regulated use cases where selective auditability is required. The implication for Bitcoin is competitive pressure in transaction and payments markets—Zcash could capture share where privacy and auditable confidentiality matter. Adoption and market-share gains, however, will still be constrained by liquidity, ecosystem support, and regulatory scrutiny.