Erik Voorhees, the early Bitcoin advocate and founder of ShapeShift, is making a bold pivot into gold.
The move comes as gold recovers following a 21% crash, with prospects for further gains if analyst projections are any guide.
SponsoredErik Voorhees’ Gold Move Signals a Shift Beyond Bitcoin
Lookonchain reports that Voorhees created nine new wallets and spent $6.81 million in USDC. The Bitcoin OG purchased 1,382 ounces of PAXG, a gold-backed token just like Tether Gold, at an average price of $4,926 per ounce.
Voorhees, who entered the Bitcoin ecosystem in 2011 and later founded several of the earliest major crypto companies, has long championed Bitcoin as “digital gold.”
His latest purchases suggest a nuanced strategy to diversify into traditional safe-haven assets even while remaining a vocal advocate for crypto.
Analyst Jacob King notes that Voorhees’ move signals that some of crypto’s earliest adopters are hedging against potential market volatility by holding both physical and tokenized gold.
Gold prices have been holding steady above $5,000 per ounce, supported by strong central bank demand and inflows from gold ETFs. As of this writing, the gold price was trading for $5,048, up by almost 15% since bottoming out at $4,402 on February 2.
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According to Coin Bureau CEO and co-founder Nic Puckrin, the recent dip in gold prices reflects a temporary pause rather than a retreat. Puckrin cites upcoming US jobs and CPI data, which are likely to influence rate-cut expectations.
Gold Set for Breakout as Analysts Forecast $6,300+ Amid Strategic Dollar Shift
Elsewhere, technical analyst Rashad Hajiyev notes that gold is poised for a breakout after testing a critical resistance level, projecting a near-term breakout to around $5,200 per ounce before entering a range-bound phase.
Meanwhile, Wells Fargo recently characterized the pullback as a healthy correction after a sharp rally, raising its 2026 gold target to $6,100–$6,300 per ounce. The multinational financial services firm cited geopolitical risks, market volatility, and sustained central bank demand.
“Buy the gold dip, Wells Fargo says. The recent pullback in gold is a healthy correction after a sharp rally,” wrote Walter Bloomberg.
Meanwhile, Daniel Oliver, founder of Myrmikan Capital, projects a longer-term surge to $12,595 per ounce, driven by central bank buying and concerns over a potential “government bond death spiral.”
Gold Outpaces Stocks as Macro Shifts and Crypto Moves Highlight Its Safe-Haven Appeal
Gold’s strong performance relative to equities is stark. Historical data shows gold surging 1,658% since 2000, compared to the S&P 500’s 460% gain.
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Even after factoring in dividends, the S&P’s total return of roughly 700% reflects gold’s value as a portfolio diversifier. This is especially true in periods of macroeconomic and geopolitical uncertainty.
According to analysts, broader macroeconomic factors are driving gold’s rise. Sunil Reddy notes that US policy is quietly shifting away from maximizing dollar purchasing power toward reindustrialization and trade rebalancing.
This “softer dollar” approach is boosting demand for hard assets like gold and silver, signaling a strategic pivot rather than purely speculative buying.
Voorhees’ move into gold may reflect an awareness of these dynamics. By deploying millions into PAXG, the Bitcoin pioneer appears to be betting on gold’s continued relevance as a hedge against dollar weakness and a counterbalance to crypto market volatility.
Still, investors should conduct their own research and not rely solely on analysts’ projections.
