ZCash surges 7% after Digital Currency Group CEO announces $85M purchase

ZCash surges 7% after Digital Currency Group CEO announces $85M purchase

Digital Currency Group CEO and founder Barry Silbert has purchased more ZCash to add to his company’s coffers as the price of the token moved above $240 for the first time in days.

In a Wednesday tweet to his more than 678,000 followers, Silbert announced the purchase of $85 million in Zcash (ZEC), or roughly 376,106 tokens assuming an average price of $226. The buy is just the latest for Silbert, who seems to be portraying himself as a contrarian in the crypto market — responding to negative comments on ZEC by purchasing millions more.

Source: TradingView

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