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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.
- Bitcoin pioneer Erik Voorhees has moved $6.81 million into tokenized gold, according to on-chain data, sparking debate among traders over whether the move signals hedging or a strategic pivot.
- Voorhees has long promoted Bitcoin as “digital gold,” making the allocation notable as $BTC continues to trade more like a risk asset than a traditional safe haven.
- The purchase appears to be diversification rather than a $BTC exit, with no on-chain evidence of Bitcoin selling, highlighting growing interest in tokenized real-world assets.
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.
Erik Voorhees moving millions to gold? Big pivot from $BTC OG.
— Startling (@RealLifu) February 11, 2026
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.
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