Bitcoin ‘digital gold’ proponent Erik Voorhees moves millions into gold

Bitcoin pioneer Erik Voorhees is raising eyebrows across crypto markets after on-chain data showed the longtime “digital gold” advocate moving millions of dollars into gold-backed tokens.

From Bitcoin to bullion? Erik Voorhees’ gold bet sparks debate

According to blockchain analytics firm Lookonchain, Voorhees recently created nine new wallets and spent $6.81 million in USDC to acquire 1,382 PAX Gold (PAXG) tokens at an average price of $4,926 per token. PAXG is a tokenized form of physical gold, with each token backed by vaulted reserves.

Voorhees has been active in Bitcoin (BTC) since 2011 and founded early crypto companies including ShapeShift. Over the years, he became one of the most prominent voices pushing Bitcoin’s “digital gold” narrative, arguing that BTC could ultimately replace physical gold as a global store of value.

The latest move from Voorhees has sparked debate among traders on X, with some questioning whether the purchase represents a strategic pivot or simply prudent diversification.

While the on-chain activity does not indicate any direct selling of Bitcoin, the decision to allocate fresh capital into gold comes at a time when BTC has been trading more like a risk asset than a safe haven.

For market participants, the move may reflect a hedging strategy rather than a rejection of Bitcoin’s long-term thesis. Tokenized gold allows investors to gain exposure to a traditional store of value without exiting blockchain-based markets, offering liquidity and transparency alongside stability.

Still, traders are watching closely. If similar allocations emerge from other early Bitcoin holders, it could signal a broader shift in how even long-term believers are balancing digital and physical stores of value amid evolving market conditions.