ZEC Breaks Out of 3-Year Bear Market as Executive Director Bids Adieu to Zcash Foundation

The inaugural executive director of Zcash Foundation, the company behind the 24th largest cryptocurrency by market cap $845 million ZEC, has left the Foundation. Josh Cincinnati in his farewell statement said,

“It was the best team I’ve ever had the honor of working with, and I will miss them terribly.”

Cincinnati believes that after leading the Foundation for over three years, he isn’t the right person to do it anymore and that he shouldn’t do so indefinitely either. Moreover,

“whatever power that has vested to the Foundation should stay in check institutionally, and not accrue to a single leader,” he said, adding that he is “ready for a break and a change of pace.”

Another reason for his departure is that the negotiation and successful conclusion of the dev fund has taken a toll on his “relationship with ECC leadership and damaged my ability to collaborate with them effectively.” Because the Electric Coin Company is unlikely to change its leadership “ever,” “I instead chose to leave.” Before leaving, he shared his prediction that the,

“prospects for private digital cash are bright,” and “the Foundation’s technical efforts will make a big splash this year.”

On Cincinnati’s departure, Analyst Qiao Wang shared some bullish facets about ZEC. He noted how the digital asset has broken out of the 3-year bear market. Up 20% in the past 24 hours, ZEC is currently trading at $87.27.

Zcash started surging this week after bitcoin broke its key levels to make new 2020 highs. ZEC has recorded 205% returns YTD but is still 99% down from its all-time high hit during the last bull market.

Textbook W-shaped bottom, coinciding with governance crisis, usable shielded clients, imminent 1st halving, increasing awareness on privacy, and global return of socialism, Wang pointed out all the reason to be bullish on this digital currency, He said,

“if this isn’t a generational buying opportunity Iono what is.”

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Author: AnTy

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