Bitcoin pioneer Eric Voorhees has raised eyebrows across the crypto market after on-chain data showed that the longtime “digital gold” proponent had moved millions of dollars into gold-backed tokens.
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- Bitcoin pioneer Eric Voorhees moved $6.81 million into tokenized gold, according to on-chain data, sparking debate among traders over whether the move represents a hedge or a strategic shift.
- Voorhees has been touting Bitcoin as “digital gold” for years, and its allocation is notable: $BTC It continues to be traded as a risk asset rather than as a traditional safe asset.
- The purchase appears to be aimed at diversification rather than investment. $BTC There is no on-chain evidence of Bitcoin sales, highlighting the growing interest in tokenized real-world assets.
From Bitcoin to bullion? Eric 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) The average price of the token is $4,926 per token. $PAXG is a tokenized form of physical gold, with each token backed by reserves held in a vault.
Voorhees has been active in Bitcoin ($BTC) Since 2011, he founded early cryptocurrency companies such as ShapeShift. Over the years, he has become one of the most prominent voices promoting Bitcoin's “digital gold” argument, arguing that: $BTC It could eventually replace physical gold as a global store of value.
Voorhees' recent moves have sparked debate about X among traders, with some questioning whether the acquisition is a strategic move or simply prudent diversification.
Will Eric Voorhees move his millions into gold? big pivot from $BTC and.
— Surprised (@RealLifu) February 11, 2026
Although on-chain activity does not indicate direct sales of Bitcoin, decisions to allocate new capital to gold are made at the following times: $BTC It has been traded as a risk asset rather than a safe asset.
For market participants, this move may reflect a hedging strategy rather than a rejection of Bitcoin's long-term claims. Tokenized gold allows investors to take advantage of traditional stores of value without having to exit blockchain-based markets, providing liquidity and transparency along with stability.
Still, traders are watching closely. Similar allocations from other early Bitcoin holders could signal a broader shift in how even long-term Bitcoin believers balance digital and physical stores of value as market conditions evolve.
