Zcash's recent privacy narrative does have a bit of that early Bitcoin vibe, but with regulatory sword hanging overhead, how far it can go still depends on how DCG negotiates with the SEC.

Some early Bitcoin supporters and crypto investors are refocusing on privacy coin Zcash, as its privacy features are closer to the original ideals. In the past month, it has risen by about 50%, and last year it rose by 1,140%; its market cap is approximately $8.9 billion. DCG has listed it as one of its largest holdings, and Grayscale has applied to convert its trust into an ETF. However, its shielded addresses can hide the parties and amounts involved in transactions, which may trigger misuse and regulatory disputes.