Bitcoin privacy concerns rise as VanEck flags quantum risks

Recent statements by VanEck’s CEO have reopened the debate on Bitcoin privacy, focusing on encryption, quantum risks, and comparisons with anonymity-oriented projects such as Zcash.

What did Jan van Eck say about Bitcoin’s long-term security?

During a CNBC “Power Lunch” appearance on Friday, Jan van Eck questioned whether Bitcoin has “enough encryption” and “enough privacy” to support its long-term design. He argued that concerns inside the community now reach well beyond price volatility and short-term market swings.

“There is something else going on within the Bitcoin community that non-crypto people need to know about,” he told CNBC. Moreover, he stressed that VanEck evaluates the asset using the same framework it applies to traditional markets.

“Ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken,” he said. However, he added, “We do not right now, but you always have to look at the underlying technology and the crypto.”

Van Eck did not spell out his definition of “the Bitcoin thesis.” That said, his comments clearly pointed to the foundations of Bitcoin’s long-term viability, including the robustness of its cryptography, its readiness for advances in quantum computing and whether its public ledger aligns with evolving user expectations around confidentiality.

Are bitcoin encryption concerns growing inside the community?

According to van Eck, questions around whether the network has “enough encryption” and “enough privacy” have become central for parts of the community. He framed them as structural issues, not just topics for academic discussion or social media debate.

He also noted that some longtime holders and self-described Bitcoin maxis are now examining Zcash. He described Zcash as “sort of related to Bitcoin with a lot more privacy,” highlighting the tension between Bitcoin’s transparent design and rising expectations for transaction obfuscation.

“When you move money around on the Bitcoin blockchain, you can see it,” van Eck said. “You can see it move from one wallet to another.” However, he suggested that this transparency increasingly conflicts with how some users want to manage their financial data.

Why did VanEck highlight Zcash and its privacy features?

Van Eck’s remarks effectively contrasted Bitcoin’s open ledger with zcash privacy features such as shielded transactions. He said some early adopters and maximalists are exploring Zcash as they reassess earlier assumptions about Bitcoin’s long-term architecture.

Following the interview, van Eck posted a summary on X. He wrote that the current bear market reflects “the onchain reality of the halving cycle (bearish for 2026), quantum-breaking-encryption concerns and the better privacy of Zcash.” Moreover, he amplified guidance from Pranav Kanade, a VanEck portfolio manager, who advised investors to “dollar cost average into bear markets.”

His framing links several themes: the 2026 outlook of the halving cycle, the potential quantum computing threat to existing cryptography and renewed focus on privacy coins. However, he also signaled that VanEck’s institutional stance will continue to depend on the perceived resilience of the underlying technology.

How is Bitcoin performing amid this onchain privacy debate?

Bitcoin was trading around $84,643 during the CNBC segment. As of 9:15 a.m. UTC on Sunday, Nov. 23, the price stood at $86,204, up 2.4% in the past 24 hours. However, it remained down 7.7% year to date and 31.6% below its all-time high of $126,080 reached on Oct. 6, 2025.

That price context formed the backdrop for van Eck’s remarks, which focused less on near-term trading and more on structural questions around quantum safety and transaction privacy. Moreover, they raised the issue of whether users will continue to tolerate Bitcoin’s open-accounting model as regulatory and surveillance pressures increase.

What are experts saying about the quantum computing threat?

Some technologists and researchers echoed van Eck’s worries. On Nov. 17, during a presentation on the Ethereum roadmap at the Devconnect conference in Argentina, Vitalik Buterin warned that quantum computing could threaten elliptic curve cryptography. “Elliptic curves are going to die,” the Ethereum co-creator said.

Separately, in a Nov. 13 blog post, quantum computing researcher Scott Aaronson, the Schlumberger Centennial Chair of Computer Science at the University of Texas at Austin, highlighted the pace of hardware progress. He wrote that “given the current staggering rate of hardware progress,” it is “a live possibility” that a fault-tolerant quantum computer capable of running Shor’s algorithm could be built before the next U.S. presidential election in 2028.

These warnings align with van Eck’s call to scrutinize Bitcoin’s cryptographic assumptions. However, they do not specify timelines for real-world attacks, and many engineers still emphasize the time and coordination required to migrate large networks to quantum-resistant schemes.

How did Bitcoin maxis react to VanEck’s comments?

Reaction from long-term advocates was swift and often hostile. Some influential voices rejected the idea that core supporters are pivoting to alternatives or rethinking Bitcoin’s role as digital hard money.

Samson Mow, CEO of JAN3 and one of Bitcoin’s earliest public proponents, was particularly blunt. In a post on X, he wrote, “You wouldn’t be able to point out a Bitcoin Maxi even if they were standing in front of you. You shouldn’t be speaking on anything Bitcoin whatsoever. You’re a crypto guy, stay in your lane and push the latest shitcoin narrative.”

That pushback underscored the divide between asset managers raising strategic questions and maximalists defending the protocol’s current trajectory. Moreover, it highlighted how sensitive discussions around privacy, fungibility and censorship resistance remain inside the ecosystem.

Has the Zcash price surge been linked to this privacy debate?

While debate over whether is bitcoin a privacy coin continues, Zcash’s ZEC token has rallied sharply. ZEC is now the 13th-most valuable cryptocurrency, with a market capitalization of $9.43 billion. It was recently trading at $578.35, up 17.3% in the past 24 hours and 121.3% over the past 30 days.

Year to date, ZEC has surged 930%. On Sept. 24, the token traded near $55.06, underscoring the scale of the move. However, it is difficult to isolate how much of the rally stems directly from van Eck’s interview versus the broader rotation into privacy-focused assets as regulatory scrutiny grows.

What does this mean for Bitcoin’s long-term architecture?

Van Eck’s comments, combined with wider concerns over encryption, privacy and quantum readiness, show that discussion around Bitcoin’s long-term architecture is intensifying. Moreover, the market is reassessing how the halving cycle, scheduled impacts through 2026 and potential quantum shifts might interact with user expectations for confidentiality.

As traders, developers and institutional investors evaluate these risks, the focus is likely to remain on whether existing cryptographic primitives and the public ledger model can evolve without undermining decentralization. That said, the current debate may push more market participants to reexamine privacy coins, quantum-safe research and the trade-offs baked into Bitcoin’s original design.