BitMEX co-founder Arthur Hayes laid out the structure of his "privacy thesis" trade, with Zcash (ZEC) and Near (NEAR) as the two assets he sees benefiting from an upcoming reckoning over surveillance in what he termed "this AI, big tech, big government universe that we live in." On Monday’s The Rollup podcast, Hayes made Zcash the larger position, even though he gave it the smaller multiple, a risk-weighted construction he made explicit on the call. "I think Near has a 20x potential, where you know Zcash might have a 5x potential over the next year, something like that," Hayes said, "so you scale the capital that ... (full story)