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.