Bankless Co-founder: ZEC Is Similar to 2021 ETH, BTC and ETH Unlikely to See Another 10x Growth

Bankless co-founder David Hoffman has published an article noting that the crypto market occasionally sees instances where a single asset absorbs capital flows from Bitcoin holders. In 2021, Ethereum (ETH) experienced a similar phenomenon, and in 2026, Zcash (ZEC) is mirroring that trend. Leveraging its privacy and anti-quantum narratives, ZEC has successfully drawn some Bitcoin holders to treat it as a "just in case" hedge, fueling a sharp surge in its market capitalization. The actual driver behind ZEC's rise is spillover from Bitcoin (BTC) wealth, not fresh capital. Separately, NEAR is absorbing relatively weak "smart contract buy demand" in 2026. Hoffman further argues that BTC and ETH can no longer achieve 10x growth, with more innovation being captured by new projects such as Hyperliquid and Ethena, as well as traditional finance, which could limit the overall expansion of the crypto industry. Earlier reports indicate that in early June, Hoffman fully disclosed on X the allocation of funds following his ETH liquidation: VVV (Venice AI's governance token), NEAR, ZEC, LIT, and HYPE.