Kyle Reidhead just dropped some real talk on privacy in crypto, and honestly, it cuts deep. He says privacy is inevitable, but that doesn't make him bullish on Zcash. Let me break it down. He starts by saying he is not optimistic about Zcash at all. Privacy is obviously important, he stresses, but calling it a compelling narrative? Not so much. To him, it's just basic finance logic. Most financial activity should probably be private by default. That's not a story, that's a given. So where's the real friction? Reidhead points out that Zcash has no financial services built on top. It's basically just Bitcoin with a privacy toggle. Great for holding, sure. But why do you even need that to be private? The real value, he argues, is in making DeFi on Ethereum private. Think about it. If BlackRock starts using Aave, everyone can read every single move they make on-chain. That's the problem we actually need to solve. Privacy isn't about hiding your bag. It's about letting institutions play without exposing their entire playbook. That's the real use case.