Crypto’s Next ‘Dominant Narrative’ Will Be Privacy: Arthur Hayes
Arthur Hayes believes privacy will drive the next big trend in crypto, as increased state surveillance and sanctions make privacy assets more appealing. He revealed that his family office, Maelstrom, has acquired a significant position in privacy-focused cryptocurrency Zcash, which he predicts will act as a “privacy beta” for the market. Hayes has previously favored Bitcoin, but now sees privacy assets as vital within the broader macroeconomic landscape, particularly as governments expand credit to sustain economic growth while controlling energy prices to avoid inflation backlash. He argues that as the U.S. pushes aggressive credit expansion—constrained mainly by energy costs—demand for Bitcoin and privacy coins like Zcash will surge. Hayes’s conviction in privacy assets dates back to late 2025, when he began discussing and accumulating Zcash. Since then, Zcash’s price has seen significant appreciation, reflecting growing interest in privacy-oriented cryptocurrencies.
