Bitcoin’s long-term design came under renewed scrutiny on Friday after VanEck CEO Jan van Eck questioned whether the network provides sufficient encryption and privacy during an appearance on CNBC’s “Power Lunch” with anchor Brian Sullivan.

Van Eck said the issues drawing attention inside the Bitcoin community go beyond short-term market swings. “There’s something else going on within the Bitcoin community that non-crypto people need to know about,” he said.

He added that VanEck evaluates Bitcoin’s staying power the same way it assesses traditional assets. “Ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto.”

He did not define what he meant by “the Bitcoin thesis,” but his comments pointed toward the foundations that support Bitcoin’s long-term viability, including the strength of its cryptography, the network’s readiness for advances in quantum computing and whether its privacy model aligns with user expectations. His remarks centered on whether Bitcoin has “enough encryption” and “enough privacy,” which he said were now central questions for parts of the Bitcoin community.

Van Eck also said some longtime Bitcoin holders and self-described maxis have begun examining Zcash, calling it “sort of related to Bitcoin with a lot more privacy.” He argued that Bitcoin’s transparent ledger can clash with rising expectations around transaction confidentiality. “When you move money around on the Bitcoin blockchain, you can see it,” he said. “You can see it move from one wallet to another.”

Following the interview, van Eck posted a summary on X, asserting that the current Bitcoin bear market reflects “the onchain reality of the halving cycle (bearish for 2026), quantum-breaking-encryption concerns and the better privacy of Zcash.” He also amplified VanEck portfolio manager Pranav Kanade’s guidance to “dollar cost average into bear markets.”

Bitcoin was trading around $84,643 during the CNBC interview. As of 9:15 a.m. UTC on Sunday, Nov. 23, the price was $86,204, up 2.4% in the past 24 hours but down 7.7% year to date and 31.6% below its all-time high of $126,080 on Oct. 6, 2025.

Some voices in the broader crypto and research community echoed van Eck’s concerns.

On Nov. 17, during a presentation on the Ethereum roadmap at the Devconnect conference in Argentina, Ethereum co-creator Vitalik Buterin warned that quantum computing could threaten elliptic curve cryptography, stating, “Elliptic curves are going to die.”

Separately, in a Nov. 13 blog post, quantum computing researcher Scott Aaronson — the Schlumberger Centennial Chair of Computer Science at the University of Texas at Austin — wrote that “given the current staggering rate of hardware progress,” it is “a live possibility” that a fault-tolerant quantum computer capable of running Shor’s algorithm could be built before the next U.S. presidential election in 2028.

Others responded forcefully against van Eck’s remarks. For example, Samson Mow, CEO of JAN3 and one of Bitcoin’s earliest advocates, rejected the idea that Bitcoin maxis are turning to privacy alternatives. In a post on X, he wrote, “You wouldn’t be able to point out a Bitcoin Maxi even if they were standing in front of you. You shouldn’t be speaking on anything Bitcoin whatsoever. You’re a crypto guy, stay in your lane and push the latest shitcoin narrative.”

Zcash’s ZEC token has surged as privacy discussions intensify. ZEC is now the 13th-most valuable cryptocurrency with a market capitalization of $9.43 billion and was recently trading at $578.35, up 17.3% in the past 24 hours, 121.3% over the past 30 days and 930% year to date. On Sept. 24, ZEC traded near $55.06.

Read More: “Inside Zcash: Encrypted Money at Planetary Scale“

Van Eck’s comments, alongside the broader debate over encryption, privacy and quantum readiness, suggest the conversation around Bitcoin’s long-term architecture is likely to intensify as the market heads into 2026 and traders reassess the halving’s role in the current downturn.