Privacy Coins Are Back: Why ZEC and XMR Could Outpace Bitcoin in 2026’s Bull Run

What if the biggest winners of the next bull run aren’t the loudest coins… but the quietest ones? And what if the thing that finally pushes everyday people toward privacy coins isn’t ideology—but plain old self-defense?

If 2026 turns into a real risk-on cycle again, I think financial privacy becomes one of those narratives that hits people after they’ve already made money… and then start realizing how exposed they are. That’s exactly where Monero (XMR) and Zcash (ZEC) can shine.

Because here’s the uncomfortable truth: Bitcoin is transparent by default. And in a bull market, transparency can turn from “cool feature” into “why does everyone know my business?” surprisingly fast.

The pain: Bitcoin is great… but it’s not private (and that matters in a bull market)

Most people don’t really feel Bitcoin’s privacy weakness until one of these things happens:

• An exchange asks questions about where funds came from (even when you did nothing wrong).
• Your identity gets linked to a wallet (KYC trail, address reuse, a screenshot, a public tip address, a donation page, a merchant invoice, etc.).
• A data leak happens, and now your name/email can be connected to on-chain activity.
• You receive “weird” coins from someone else and later learn some services treat certain UTXOs as “high risk.”
• You realize your balance is basically public to anyone who can connect the dots—friends, strangers, scammers, even competitors.

And it’s not paranoia. The blockchain analytics industry is huge and getting sharper every year. Chain analysis firms openly market deanonymization and transaction monitoring to exchanges and institutions. (If you want a sense of how mainstream this is, check the annual research coming out of reports like the Chainalysis Crypto Crime Reports—whatever you think about them, it shows how serious tracking has become.)

In a bull market, money + attention = surveillance.
That’s when “public-by-default” starts feeling like a bug, not a feature.

Also: when people say “Bitcoin is anonymous,” they’re usually describing the vibe of 2013—not the reality of 2026. Even early academic work showed how easy it can be to link identities and transactions with basic clustering techniques (for example, the well-known paper “A Fistful of Bitcoins”). Fast-forward to today and the tooling is dramatically better, especially once KYC enters the picture.

Now layer in a hype cycle:

• More retail users join (and make rookie mistakes like address reuse).
• More scammers hunt for easy targets (wallet tracking becomes a weapon).
• More compliance pressure hits exchanges (more monitoring, more flags, more freezes).
• More social flexing happens (“here’s my wallet,” “here’s my trade,” “here’s my donation address”)—which is basically doxxing with extra steps.

So yeah—Bitcoin can still rip in 2026. I’m not arguing against BTC. I’m saying Bitcoin’s transparency becomes a bigger problem at scale, especially when everyone is watching.

Promise solution

Here’s what I’m going to make simple as we go:

• Why privacy demand spikes during bull runs (it’s not just about “hiding”—it’s about reducing exposure).
• What makes XMR and ZEC fundamentally different from BTC when it comes to on-chain visibility and wallet tracking.
• The risks people ignore until it’s too late: regulation headlines, exchange delists, thin liquidity, and the “where do I even buy this?” problem.

Because if you’re going to touch privacy coins, you don’t want to learn the hard lessons mid-cycle when spreads widen and everyone’s panicking.

The “privacy premium” most people forget about

When retail comes back, they don’t just want “number go up.” They want:

• Safety (not being a walking target because your wallet got linked)
• Simplicity (not needing a 12-step ritual to avoid exposing your entire balance)
• Control (not worrying that a perfectly legal transaction looks “suspicious” to a black-box scoring system)

That’s the privacy premium: people pay up for peace of mind when the stakes feel real. And bull markets make the stakes feel real.

It’s the same pattern you see in normal life:

• When crime rises, people buy better locks.
• When spam rises, people use better filters.
• When tracking rises, people look for privacy.

And on-chain tracking has risen—massively.

Who this is for (and who should skip it)

This is for you if:

• You already hold BTC/ETH and you want asymmetric exposure to a narrative shift.
• You understand that the best-performing coins in a cycle are often the ones people laughed at right before the narrative flips.
• You’re willing to learn the basics of privacy tech instead of buying blindly.

Skip it if:

• You can’t handle higher volatility and sharp drawdowns.
• You’re not ready for the reality of exchange delist risk and changing access.
• You want “set it and forget it” with zero homework—privacy coins punish that mindset.

Now the real question—the one that decides whether XMR and ZEC stay niche or surprise everyone in 2026:

What catalysts would make privacy coins outperform when Bitcoin is still the main event?

That’s what I’m looking at next—because if the setup is there, you’ll want to spot it early, not after the chart already went vertical.

Why privacy coins can outperform in 2026 (the setup + the catalysts)

When I look at 2026, I don’t see a world where every coin rises at the same speed just because Bitcoin is running. Bull markets don’t work like that. They move in waves. Money rotates. Narratives take turns.

And privacy is one of those narratives that can go from “niche” to “urgent” overnight—especially when tracking stops being something only power users talk about and becomes something your friend casually mentions after seeing a wallet get exposed on social media.

Here’s the setup I’m watching for: smaller market caps + narrative rotation + a real spike in privacy anxiety. When those line up, Zcash (ZEC) and Monero (XMR) don’t need to “beat” Bitcoin fundamentally… they just need to move faster for a stretch of the cycle.

“Arguing that you don’t care about the right to privacy because you have nothing to hide is no different than saying you don’t care about free speech because you have nothing to say.” — Edward Snowden

That quote hits because I’ve seen what happens when people realize their “public-by-default” wallet isn’t just a nerd detail—it’s a real-life exposure risk.

Narrative rotation: bull markets don’t reward every sector equally

In most bull markets, Bitcoin does the heavy lifting first. It breaks the ceiling, pulls attention back to crypto, and then capital starts hunting for higher beta.

That’s when sectors take turns being “the thing”:

• Majors run first (BTC, ETH).
• Large caps follow.
• Narrative coins go parabolic when the crowd wants a story, not just a chart.

Privacy coins fit the “story coin” slot perfectly because the narrative is emotional and personal: control, safety, and not being watched. And in a hype cycle, those emotions get amplified.

Also, the math matters. If something is under-owned, under-discussed, and sitting at a smaller market cap, it can move violently when demand shows up. That’s not an opinion—it’s basic liquidity mechanics. A relatively small wave of new buyers can push price much harder than it would on an asset as deep as BTC.

To be clear: smaller cap doesn’t automatically mean “better.” It means more responsive. Sometimes in a good way. Sometimes in a “why is this down 18% today?” way.

The real-world drivers: tracking, blacklists, and data exposure

This is where it gets real—because privacy demand doesn’t usually explode from ideology. It explodes from friction and fear.

Here are the catalysts I think could light the match going into 2026:

• Chain surveillance keeps getting easier. Blockchain analytics is a mature industry now, not an experiment. Firms like Chainalysis and Elliptic have been publishing research for years showing how tracing tools, attribution, and compliance workflows have become standard for exchanges and institutions. (Example: Chainalysis blog/research, Elliptic resources.)
• Compliance pressure creates “blacklist behavior.” Even without some dramatic law being passed, exchanges and payment processors can quietly tighten rules. This is where you see the idea of “tainted coins” show up in the real world—funds linked to hacks, mixers, sanctions exposure, or suspicious flows getting flagged and frozen. OFAC’s growing role in crypto enforcement has been an ongoing signal that compliance is not relaxing. (Public info hub: U.S. Treasury / OFAC.)
• Data leaks aren’t theoretical anymore. Every cycle brings a new wave of “oops” moments—KYC databases exposed, customer lists leaked, addresses tied to identities, phishing getting more targeted. Once someone experiences that, the question shifts from “Why would I need privacy?” to “How fast can I stop broadcasting everything?”
• Social doxxing becomes a bull-market sport. When memes are flying and everyone is posting screenshots, the temptation to trace wallets becomes mainstream. It’s not just criminals getting hunted. Regular people get tracked. Donations get traced. Spending gets analyzed. And that vibe alone can push normal users toward privacy-by-design tools.

I’ll say it plainly: the more “grown up” crypto gets, the more surveillance becomes built-in. That doesn’t kill crypto—it just creates a counter-move. A flight to privacy moment.

People Also Ask: “Are privacy coins coming back?”

I don’t measure “coming back” by price alone. Price can pump on thin air and then vanish. What I care about is whether privacy coins are returning on four fronts at the same time:

• Usage: Are people actually using the network for what it’s meant to do, not just trading it?
• Social buzz: Are privacy conversations moving from hardcore circles into mainstream crypto timelines again?
• Dev activity: Are upgrades shipping? Is the tooling improving? Are wallets getting easier?
• Exchange access: Can normal people still buy it without doing backflips?

That last point matters more than people want to admit. A coin can have the best tech in the world, but if access gets choked off, price performance gets weird—spiky pumps, ugly spreads, and long dead zones.

So yes, privacy coins can “come back,” but the real tell is whether they regain cultural relevance and practical access at the same time.

People Also Ask: “Why would anyone use Monero or Zcash if Bitcoin exists?”

Because different tools exist for different jobs.

Bitcoin is incredible at being a global, censorship-resistant settlement asset. But when someone wants a payment that doesn’t turn into a public breadcrumb trail, the “Bitcoin exists” argument stops feeling like an answer.

In real life, people want privacy for boring, human reasons:

• They don’t want their friends, customers, or coworkers seeing how much they have.
• They don’t want every payment linked back to a single identity forever.
• They don’t want a donation, purchase, or transfer to become a permanent public label.

And this part is important: when privacy is optional, most people don’t use it correctly. They reuse addresses. They link accounts. They slip once, and the whole graph connects. Privacy coins exist because “perfect operational discipline” is not a realistic expectation for normal humans during a manic bull run.

People Also Ask: “Can privacy coins really pump harder than Bitcoin?”

Yes. They can pump harder than Bitcoin for the same reason smaller boats rise faster in a wave: less capital is needed to move them.

But the path is bumpier, and I want you to be clear-eyed about what would need to happen for a real breakout:

• Sustained volume (not just one weekend candle). I want to see repeated high-volume days, not a single spike that fades.
• Wider access or at least enough liquidity routes that new buyers don’t give up. If buying feels like a side quest, most retail won’t bother.
• A clean narrative trigger (a mainstream moment). Usually this is a “privacy wake-up call”: a new compliance push, a big tracking story, a high-profile doxxing, or a sudden shift in public sentiment around surveillance.
• Confidence that the coin is still alive and improving. In 2026, people won’t chase “abandoned tech,” even if the chart looks tempting.

If those pieces line up, you can absolutely see a scenario where XMR/ZEC move in sharper multiples while BTC grinds upward more steadily.

Now the real question—and this is where things get interesting—is which privacy coin is actually positioned best when that moment hits… and what the deal-breakers are for each one.

So if you had to pick one: would you rather own the privacy coin that’s private by default, or the one that’s built around advanced privacy tech but doesn’t force it on every transaction?

That comparison is where most people get surprised.

XMR vs ZEC vs BTC: what I’m actually betting on (strengths, weaknesses, and “deal-breakers”)

If you’re trying to decide between Monero (XMR), Zcash (ZEC), and Bitcoin (BTC), I think the clean way to do it is to ask one question:

Do I want privacy to be the default, the option, or the trade-off?

That single choice basically explains why these three coins behave so differently when the market gets loud.

Here’s how I see them—no hype, just the parts that matter when real money starts moving.

Monero (XMR): default privacy + strongest “private money” brand

XMR is the simplest story in privacy coins: privacy is on by default. Not “if you click a setting.” Not “if you use the right wallet.” It’s just baked into normal use.

That default matters more than people realize, because optional privacy tends to become nobody uses it privacy. With Monero, you don’t need to be a power user to get the core benefit.

What makes XMR sticky (the good stuff):

• Privacy by default: sender/receiver amounts are designed to be hidden on-chain for standard transactions.
• Strong “private money” positioning: like it or not, Monero owns this niche in people’s heads. That brand is hard to replicate.
• Consistent real usage: I watch for coins that are used because they solve a job, not because they’re trending. XMR still shows up in “I need to pay privately” conversations more than any other major coin.

What I don’t ignore (deal-breaker territory):

• Delistings and onramps: XMR can be harder to buy on big regulated exchanges depending on your location. That can cap “easy” retail inflows.
• Regulation pressure: the risk isn’t always “illegal to hold”—it’s that platforms get nervous and liquidity fragments.
• Operational mistakes still happen: privacy tech isn’t magic if users leak identity through how they buy, cash out, or reuse info across accounts.

A reality check with research: academic work has repeatedly tested what can and can’t be inferred from Monero’s blockchain over time. One widely cited paper is An Empirical Analysis of Traceability in the Monero Blockchain (Möser, Böhme, Breuker), which showed earlier-era heuristics could weaken privacy for certain historical transactions—but also highlighted how protocol upgrades changed the game. The takeaway I use: Monero privacy is not a marketing slogan, it’s an evolving engineering battle, and the network has a track record of adjusting when weaknesses are found.

My personal “XMR bet” is basically this: if 2026 turns into a cycle where people feel watched, flagged, or exposed, the coin with default privacy and the most recognized “private cash” brand can become the obvious magnet.

Zcash (ZEC): privacy tech + narrative potential (but needs clearer demand)

Zcash is interesting for a different reason: it has some of the most famous privacy tech in crypto (zk-proofs), and when the privacy narrative heats up, ZEC can catch a speculative wave fast.

But ZEC has a constant challenge that XMR doesn’t: privacy is optional—and optional systems often rely on user behavior, wallet support, and UX to actually become private in practice.

What makes ZEC compelling:

• Zero-knowledge privacy design: Zcash’s shielded transactions are built around zk-proofs, which is legit heavyweight cryptography.
• Narrative torque: ZEC can move sharply when traders rotate into “privacy” because the ticker is liquid enough to trade and the story is easy to pitch.
• Upgrades improved usability: shielded tech has improved over the years (faster, lighter, better suited to real wallets).

What could hold it back (the honest part):

• Optional privacy confusion: if most activity stays unshielded, you can end up with the worst of both worlds—privacy branding without privacy defaults.
• Everyday demand looks less “locked in”: ZEC can have bursts of attention, but the question I keep coming back to is: who needs it weekly the way XMR users tend to?
• Wallet/UX dependency: ZEC needs shielded UX to feel normal and frictionless, or people won’t use the privacy feature consistently.

Research worth knowing: multiple academic analyses have looked at Zcash usage patterns and the adoption of shielded pools over time. A well-known one is A First Look at the Zcash Cryptocurrency (Kappos et al.), which documented how shielded usage historically lagged behind transparent usage. That’s not a death sentence—it’s a roadmap: ZEC wins if shielded becomes the default experience for normal users, not a “power-user mode.”

My personal “ZEC bet” is more conditional: I’m watching for a clear shift where wallets and exchanges make shielded transfers feel easy, and where users actually choose shielded as the norm. If that happens, ZEC has a strong “catch-up” dynamic because perception can change quickly.

Bitcoin (BTC): the benchmark privacy coins must beat

BTC is still the benchmark because it has the deepest liquidity, the strongest institutional foothold, and the simplest brand in the world: Bitcoin.

But when I compare BTC to privacy coins, I’m not asking, “Will XMR or ZEC replace Bitcoin?” That’s not the trade.

The real question is:

Can privacy coins outperform BTC for a stretch of the cycle when privacy becomes the feature people suddenly care about?

What BTC has that privacy coins don’t:

• Institutional rails: ETFs, custody providers, and big-money comfort.
• Global liquidity: it’s easier to buy/sell size without slipping the price.
• “Default asset” status: in risk-on seasons, Bitcoin is the first stop for a lot of capital.

What BTC can’t offer by design:

• On-chain privacy as a native default: Bitcoin’s transparency is a feature for auditability, but it’s a trade-off for personal privacy.

So for XMR/ZEC to outpace BTC, they don’t need to beat Bitcoin on “store of value.” They just need to win a moment where privacy becomes non-negotiable for a meaningful chunk of users.

People Also Ask: “Is Monero illegal?” / “Are privacy coins banned?”

Most of the time, the practical issue isn’t “is it illegal to own?”—it’s where can you buy it, and how easily can you move in/out.

Legality and restrictions vary a lot by jurisdiction, and rules can change fast. What I see in the real world is usually one of these situations:

• Holding may be allowed, but some centralized exchanges choose not to list privacy coins to reduce compliance risk.
• Trading may be possible, but onramps/offramps get limited, which impacts liquidity and spreads.
• Headlines create volatility: even rumors of restrictions can move price because access matters.

I’m not giving legal advice here—I’m just telling you how this plays out in practice: exchange support is often the “real regulation” users feel day-to-day.

People Also Ask: “What’s the safest way to buy and store privacy coins?”

I keep this simple and boring on purpose, because boring is how you keep your coins.

• Use reputable onramps where available: if a compliant exchange offers XMR/ZEC in your region, that’s often the simplest route.
• Have a backup route: depending on where you live, you may need alternatives like DEX-style approaches or atomic swap routes (only where legal and where you understand the risks).
• Self-custody wins: withdraw to a wallet you control. Leaving privacy coins sitting on an exchange defeats half the point.
• Basic operational privacy: avoid linking your real identity across public addresses, don’t overshare transaction details, and keep clean separation between “public persona” wallets and private spending wallets.

If you only do one thing: don’t treat privacy coins like meme coins. They’re less forgiving when it comes to access, storage, and sudden platform policy changes.

Quick sentiment check I’m watching (and why it matters)

Privacy narratives don’t announce themselves with a bell. They start as little pockets of chatter—traders noticing the rotation, users complaining about surveillance, posts comparing “clean” vs “flagged” coins, and sudden spikes in attention when delistings or compliance news hit.

To catch that early, I keep an eye on posts like these (not as “truth,” but as a sentiment radar):

• https://x.com/adarsharoyx/status/2005628557612237003?s=20
• https://x.com/CryptoGoblinBot/status/2006091841138205104?s=20
• https://x.com/cryptothedoggy/status/2005000247064625193?s=20

Because here’s the thing: by the time privacy is a mainstream headline, the easy upside is usually gone. The real edge is spotting the early signals—volume shifts, wallet improvements, exchange policy changes, and the tone of the market.

So what am I watching that would make me say “okay, this is real” instead of “this is just noise”? In the next section, I’ll show you my personal checklist—the specific green flags and red flags that tell me whether XMR/ZEC can actually outrun BTC when 2026 gets heated.

My 2026 checklist: what needs to happen for ZEC/XMR to truly outrun BTC

I don’t think XMR or ZEC beat Bitcoin by “being better Bitcoin.” If they outrun BTC in 2026, it’ll be because privacy becomes the must-have feature for a chunk of the market at exactly the right time—and the liquidity rails don’t collapse under them.

So here’s the scoreboard I’m tracking through 2025–2026. Not vibes. Not hopium. Real signals you can actually check month to month.

The green flags (what I want to see)

1) Spot volume rising… and not just on one venue
When privacy coins run, they need enough real spot liquidity to absorb demand without turning into a slippage nightmare.

• What I watch: 30–90 day average spot volume trend, spread quality, and whether volume is distributed across multiple exchanges/venues (not concentrated in one place that can pull the plug).
• What “good” looks like: higher spot volume during both up weeks and boring weeks. If volume only appears on breakout days, it’s usually weak hands and hype.
• Real-world sample: When Binance announced it would delist Monero in 2024, it was a reminder that a single exchange can flip the liquidity story fast. If we’re heading into 2026 with stronger multi-venue liquidity than we had during that period, that’s a major green light.

2) Exchange access stabilizing (or improving), especially fiat onramps
A privacy narrative can go mainstream and still fail if new buyers can’t get in easily.

• What I watch: new listings, relistings, or “restricted but available” setups in large markets—and whether big venues keep pairs alive through volatility.
• What “good” looks like: fewer surprise delistings and more transparent policies. Even one or two new reputable onramps can change the entire demand curve.
• Reality check: Compliance pressure is real, and the trend has often been the opposite. That’s why any stabilization here matters so much.

3) Wallet UX getting genuinely simpler (not just “tech people can do it”)
Privacy coins don’t win 2026 because the tech is cool. They win because regular people can use them without stress.

• What I watch: wallet setup time, default settings that don’t leak metadata, smoother sync experience, hardware wallet support quality, and whether receiving/sending feels as easy as a mainstream coin.
• What “good” looks like: more “I tried it and it just worked” stories, fewer “I had to read three guides and a GitHub thread.”
• Practical sample: If the average user can install a wallet, fund it, and make a private transaction in under 5 minutes without misunderstanding the privacy settings, that’s the kind of UX jump that shows up in adoption.

4) Organic usage evidence (not just traders rotating in)
Price pumps are loud. Usage is quieter, but it’s what makes the pump stick around long enough to outperform.

• What I watch: sustained on-chain activity, merchant/payment chatter, more integrations, and signs that people are actually choosing these coins for real transfers.
• What “good” looks like: the coin feels like it has a “job” again, not just a ticker symbol.

5) A mainstream “privacy anxiety” moment
This is the spark. Usually it’s not one thing—it’s a chain of small shocks: a data breach, a compliance wave, a viral thread showing wallet tracking, a public figure getting doxxed via on-chain analysis, or a “taint” story spreading beyond crypto Twitter.

And here’s the part most people miss: chain surveillance doesn’t need to be evil to make people uncomfortable. It just needs to feel normal and everywhere.

Signal I’m waiting for: privacy stops being a niche topic and becomes a casual conversation—like “yeah, of course you don’t want your wallet public.” That’s when the narrative has teeth.

If you want a data point to frame this: multiple industry reports show illicit flows are often concentrated in a handful of categories and aren’t “mostly privacy coins.” For example, Chainalysis’ annual crime reporting has repeatedly highlighted how stablecoins and major chains can dominate transaction value in illicit activity depending on the year and category—so the “privacy coin = only for crime” line is usually an oversimplification. I keep these reports bookmarked because they shape headlines and policy tone: Chainalysis Reports.

The red flags (what would change my mind fast)

1) A fresh wave of major delistings (especially clustered)
One delisting is noise. A synchronized wave across regions is a structural problem.

• What I watch: delisting announcements that cite policy changes (not low volume), plus any sign other exchanges copy-paste the same move.
• Why it matters: it doesn’t just hit price—it hits access, which kills narrative momentum.

2) Liquidity drying up + spreads getting ugly
If you can’t enter and exit without paying a “hidden tax” (slippage), outperformance gets harder because bigger money won’t touch it.

• What I watch: widening spreads, thinner order books, and volume shifting into less transparent venues.
• What it tells me: demand is fragile and depends on short bursts instead of real market depth.

3) Persistent stigma that blocks new users
Even if the tech is great, perception can freeze growth. If the only people talking about privacy coins are already in the club, adoption won’t scale.

• What I watch: whether wallet makers, payment tools, and mainstream crypto platforms avoid integrations purely for PR risk.
• Why it matters: 2026 outperformance requires fresh buyers. Stigma is a buyer-suppressor.

4) Tech/ecosystem stagnation (the “stuck coin” feeling)
This one is subtle, but it’s deadly. If development feels slow, UX doesn’t improve, and integrations don’t grow, the market moves on.

• What I watch: shipping cadence, wallet updates, and whether the community is growing in builders—not just speculators.

5) Regulatory headlines that don’t just scare people—they shut doors
There’s a difference between “regulators are talking” and “access is being removed.” The second one matters more.

• What I watch: policy changes that target exchange support, KYC/Travel Rule interpretations, and rules that indirectly discourage listing privacy assets.
• Where I track context: FATF guidance and updates are a good barometer for how compliance teams think: FATF – Virtual Assets.

How I’d approach it as a portfolio idea (without going reckless)

This is how I keep it sane:

• BTC stays the core. It’s the liquidity king and the benchmark. I don’t try to get cute with that.
• Privacy coins are a satellite. Higher volatility, higher headline risk, higher delisting risk. That means smaller sizing by default.
• I size by “worst week” tolerance. If a 30–50% drawdown would make me panic sell, my position is too big. Privacy coins can do that fast.
• I don’t ignore access risk. If onramps are shrinking, I treat that like a fundamental negative, not background noise.
• I rebalance, I don’t marry. If a privacy coin rips hard and becomes an outsized chunk of my portfolio, I trim back into BTC/safer majors. That’s how I stay in the game.

Not financial advice—just the framework I use to avoid turning a good narrative into a bad decision.

Closing thoughts: I’m watching the signals, not the slogans

Privacy coins don’t need to beat Bitcoin forever. They just need one stretch of the cycle where privacy goes from “nice to have” to “why would I ever broadcast my wallet?”

If 2025–2026 delivers (1) steady liquidity, (2) access that doesn’t keep shrinking, (3) better wallets, and (4) a real-world privacy wake-up moment, then yes—I think XMR and ZEC can surprise people in a way Bitcoin won’t, simply because they’re smaller, more narrative-driven, and built for a different job.

Until those boxes start getting checked, I treat privacy coins like what they are: high-upside, high-friction trades that only become true cycle leaders when the world gives them the right backdrop.