The New Private Asset
chamath.substack.com · saved by 1 readers
Privacy tokens were delisted from exchanges 73 times in 2025, yet they became crypto's best-performing sector. Here's why.
Over the past year, while every category of crypto token lost value, privacy tokens climbed 127.3%, becoming the best-performing sector in crypto. To understand why privacy coins are surging, we need to explore a core monetary feature that’s missing from the largest monetary network in crypto: Bitcoin. Every transaction on the Bitcoin network is public. Instead of a bank or other trusted intermediary privately verifying payments, thousands of independent computers verify every transaction by checking the same public ledger. That design decentralized verification, but it also made every…