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.

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.

JUST IN: Bitcoin pioneer Erik Voorhees is moving MILLIONS into gold, according to new on-chain activity.

Voorhees got involved in Bitcoin in 2011 and founded some of the first major Bitcoin companies. He later became the loudest voice promoting the “digital gold” narrative,… pic.twitter.com/pZWV382OGH

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.

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 holding firm after a dip says the market is essentially on hold, not backing off.

Jobs and CPI decide whether rate-cut hopes get confirmed this week. pic.twitter.com/KR9DGQrJtx

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.

Looks like gold is ready to pop up within a day or two higher and start range trading around $5.2k… pic.twitter.com/H9alUWRphC

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’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.

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.

Gold is roaring because the US has stopped pretending.
The polite version is “strong dollar policy.” The real version is: we will accept and even welcome, a softer dollar to win the trade war and rebuild American industry

Gold Made an ATH at $5,500+ and the dollar keeps sliding.… pic.twitter.com/pva6HbXa91

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.

The post Bitcoin OG Erik Voorhees Goes All-In on Gold as Wells Fargo Projects $6,300 XAU Price appeared first on BeInCrypto.

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