ZCash (ZEC) is one of the most important privacy coins in the market. Its biggest strength in the privacy market comes from the fact that it has wide acceptance in mainstream circles. Companies like JP Morgan use ZCash for its privacy features. Coinbase a mainstream exchange plans on listing ZCash adding to its influence as the privacy coins for institutional investors. However, this aspect to ZEC is of no much use now that the market is deep in the grips of the crypto bear. What could give ZCash a boost in the short-term is the upcoming network upgrade that will happen on the 28th of October.
According to the ZCash team, this upgrade will improve ZCash in two ways. The first one is that it will make ZEC transactions faster. After the upgrade, ZCash will use new shielded addresses that will lead to a more than 97% time reduction in ZCash transactions. This is a big deal and could create FOMO around ZCash as the upgrade date approaches.
The second aspect to the upgrade is that it will improve on the monetary auditing aspect of ZCash (ZEC). This will ensure that all the ZCash in circulation are known to all, and can be verified. The idea behind this is to avoid a situation where ZCash coins can be counterfeited, inflating the number of coins, and hurting its value. Given that scarcity is part of what gives ZCash value, this upgrade will be a major boost to the value of ZCash in the long-run. But even in the short-term, as this date approaches, ZEC could experience lots of FOMO and drive up the price.
With the possibility of ZCash FOMO coming up in October, current prices offer a good entry point for investors in ZCash. That’s because prices are currently depressed, which makes it a low risk buy, as volatility has declined too. FOMO buying could easily give ZCash a 30 -50% jump in price from current prices. This will be driven by the fact that investors are at this point desperate for gains, and any crypto that offers any hope for gains at this point draws in investors in the long-run. This can be seen in the way Dogecoin (DOGE) has pumped after the Dogethereum news. Investors have bought into Doge out of the fear of missing out on the Dogethereum and it has pushed up Doge by over 150% in the last few weeks.
But even past the network upgrade date, ZCash (ZEC) is still a good crypto to hold. The privacy coin market is one of the high potential sides of crypto. That’s because people will always have a need to hide their wealth, and privacy coins offer the perfect method for doing so, minus the bureaucracies of offshore destinations. As such, for a privacy coin with a level of acceptance as high as ZCash (ZEC), long-term value growth is pretty much guaranteed. A $1000 ZCash (ZEC) is very possible in the future.