Oct 12, 2026 · 55 min

Zcash bets privacy can become investable infrastructure

Cypherpunk Owns $500M of Zcash and 18% of Its Hashrate | CIO Will McEvoy

As AI expands surveillance and data analysis, the episode examines whether shielded digital money can become both a practical privacy tool and a durable investment.

3 key takeaways

1AI-driven surveillance is sharpening demand for financial privacy, especially among Bitcoin holders worried about future exposure and hacks.
2Cypherpunk Technologies combines ZEC accumulation, mining, and privacy investments while targeting roughly 18–20% of Zcash’s network hash rate.
3The investment case rests on Zcash’s engineering community, mining economics, and long-term adoption potential rather than short-term price targets.

Don't miss

Will McEvoy explains why Cypherpunk maintained confidence in Zcash and bought during discussion of the Orchard bug and a potential shielded-pool inflation exploit.

The brief

Will McEvoy frames AI as a privacy accelerant: people disclose more information while increasingly capable systems make financial exposure easier to analyze and exploit.

The conversation contrasts Bitcoin tools such as CoinJoin with Zcash’s shielded design, arguing that stronger, cypherpunk-grade privacy may be necessary as surveillance improves.

Cypherpunk Technologies presents three connected pillars: hold ZEC, mine it, and invest in privacy technology, while retaining mined coins and pursuing a larger treasury.

Mining economics are central to the strategy: the company says it plans to maintain roughly 18–20% of Zcash’s hash rate as profitability attracts miners and equipment demand.

The standout case for Zcash is not a short-term price target but the combination of cryptography, engineering talent, network security, and potential long-term adoption.

What was said on this episode

20 statements · 17 positive · 3 negative

Will McEvoyon Private crypto store of valuePositive2:42
AI makes private crypto stores of value necessary
“you need a crypto asset, you need to be holding a store of value that is private in a world with AI”
Listen at 2:42
Will McEvoyon ZcashPositive3:22
Zcash provides a solution to AI-driven Bitcoin privacy risks
“Zcash serves as the solution.”
Listen at 3:22
Will McEvoyon ZcashPositive4:14
Zcash has attracted top cryptographers and security engineers
“Zcash has attracted essentially the best cryptographers and security engineers in the world”
Listen at 4:14
Will McEvoyon ZcashPositive7:55
Zcash is a strong asset for a highly chaotic world
“in a world of high chaos, Zcash is just a great asset to own.”
Listen at 7:55
Will McEvoyon Crypto privacy servicesNegative10:59
AI undermines many existing crypto privacy services
“I think AI breaks a lot of these things.”
Listen at 10:59
Will McEvoyon Cypherpunk privacy productsPositive12:12
True cypherpunk privacy products are preferable to Web2-style privacy
“I much prefer like true cypherpunk privacy and products and services that are like that.”
Listen at 12:12
Will McEvoyon ZcashPositive16:03
Zcash is suitable as money for private digital life
“Zcash is really the money for your private digital life.”
Listen at 16:03
Will McEvoyon Zcash miningPositive18:55
Zcash mining is extremely profitable
“it is extremely profitable.”
Listen at 18:55
Will McEvoyon Zcash miningPositive19:05
Zcash mining earns approximately $1,000 per megawatt hour
“it's earning about $1,000 per megawatt hour.”
Listen at 19:05
Will McEvoyon Bitmain Zcash mining equipmentNegative20:42
Bitmain Zcash mining machines may take at least seven to eight months to deploy
“if you place an order with Bitmain today, you'd be very hard pressed, I think, to get those machines plugged in in less than, call it seven or eight months.”
Listen at 20:42
Will McEvoyon Zcash minersPositive24:44
Zcash miners may perform well if mining follows Bitcoin’s trajectory
“if we're on a similar trajectory to Bitcoin, I think Zcash miners will do very well too.”
Listen at 24:44
Will McEvoyon Zcash mining equipment supplyNegative31:18
Zcash mining equipment supply will remain tight for years
“we're talking years, we're not talking months.”
Listen at 31:18
Will McEvoyon ZcashPositive36:25
Investors should buy, self-custody, and shield Zcash
“I would recommend everyone to buy Zcash and go onto a crypto exchange and buy Zcash and move it to a wallet and shield it”
Listen at 36:25
Will McEvoyon Zcash engineering teamPositive41:55
Zcash’s team is an underappreciated investment strength
“the biggest part of the story that no one's talking about is the team, for sure.”
Listen at 41:55
Will McEvoyon Zcash Orchard bugPositive44:48
The Orchard bug had an extremely low exploitation probability
“the chance of it being exploited was exponentially low”
Listen at 44:48
Will McEvoyon ZcashPositive46:28
The Orchard bug-driven price decline was a buying opportunity
“It was going to be a buying opportunity, I think.”
Listen at 46:28
Will McEvoyon Zcash relative valuationPositive50:07
Zcash could reasonably reach 10% of Bitcoin’s market capitalization
“10% of Bitcoin seems like fairly reasonable given the quality of the tech and the privacy features.”
Listen at 50:07
Will McEvoyon ZcashPositive50:20
Ten percent of Bitcoin could imply a $10,000 Zcash price
“that's something like a $10,000 Zcash price”
Listen at 50:20
Will McEvoyon ZcashPositive51:02
Zcash could capture a meaningful share of gold and offshore wealth markets
“it seems totally rational and totally reasonable for Zcash to hold a meaningful percentage of those markets also”
Listen at 51:02
Will McEvoyon United States Zcash policy environmentPositive53:06
The United States may be receptive to Zcash privacy principles
“In the United States, I'm much more optimistic.”
Listen at 53:06

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.