How do you value an encrypted store of value? @Zcash doesn't fit neatly into existing frameworks. It's not a smart contract platform with fee revenue to discount, and the "digital gold" comp doesn't quite work either. The simplest lens is thinking of ZEC as capturing some share of store-of-value demand that currently flows to Bitcoin. At roughly 0.35% of BTC's market cap today, the question becomes what happens if a small but meaningful portion of that demand decides privacy matters. Onchain activity supports the thesis. The shielded pool grew more this year than the previous eight years combined, and this metric has reflexive properties where a larger anonymity set attracts more users and more users attract more capital. After nearly a decade of continuous proof-of-work mining, the coins are scattered across a global miner base rather than concentrated in early investor hands. The Founders' Reward sunset in 2020, and since then 80% of block rewards have gone directly to miners. The emission schedule mirrors Bitcoin's with a 21 million cap and halvings every four years. The market will eventually decide what encrypted money is worth.(Delphi Digital)