A Change of Heart for a First-Generation Bitcoin Whale? Why Erik Voorhees Switched to Gold
A Change of Heart for a First-Generation Bitcoin Whale? Why Erik Voorhees Switched to Gold
Erik Voorhees, a first-generation Bitcoin (BTC) investor, has invested millions of dollars to heavily accumulate gold-backed tokens, diversifying his portfolio in response to cryptocurrency volatility and a weakening U.S. dollar.
According to Cointelegraph on February 11 (local time), founder Erik Voorhees recently made a large-scale investment in gold-based tokens in line with the rebound in gold prices. Data from on-chain analytics platform Arkham shows that Voorhees created nine new wallets and deployed a total of $6.81 million. Through these purchases, he acquired 1,382 PAX Gold (PAXG)—a digital asset backed by physical gold—at an average price of $4,926 per token.
Voorhees, who has championed Bitcoin as “digital gold” and helped lead the crypto ecosystem since 2011, now signals growing demand for safe-haven assets even among early investors. International gold prices rebounded approximately 15%, rising from a low of $4,402 on February 2 to around $5,048, showing strong recovery momentum. Analyst Jacob King interpreted Voorhees’ move as a typical hedging strategy by early adopters seeking to avoid crypto market volatility. King added that some early Bitcoin holders are managing market risk by holding both physical assets and tokenized gold.
Optimistic forecasts for gold prices are also emerging from the financial sector. Multinational financial services firm Wells Fargo described the recent price pullback as a temporary and healthy correction, raising its 2026 gold price target to between $6,100 and $6,300. The firm expects geopolitical risks, market volatility, and continued central bank purchases to drive prices higher. Meanwhile, founder Daniel Oliver offered a bold long-term projection that gold could surge to $12,595 amid a spike in demand driven by a government debt crisis.
Historically, gold’s returns have outperformed the stock market. Since 2000, gold prices have risen 1,658%, compared to a 460% increase in the S&P 500 index. Even against the stock market’s total return of 700% including dividends, gold remains highly attractive as a store of value. Analyst Sunil Reddy noted that U.S. policy appears to be shifting from maximizing dollar purchasing power to promoting a weaker dollar aimed at industrial rebuilding. He explained that this strategic shift is further stimulating demand for tangible assets such as gold and silver, attracting capital flows beyond mere speculation.
Voorhees’ large-scale accumulation of gold tokens is seen as a preemptive measure to address dual risks: crypto market volatility and a declining dollar. Allocating $6.81 million to PAX Gold reflects a strategic decision to combine confidence in digital asset innovation with the stability of physical assets. Industry observers believe that asset allocation changes by heavyweight investors like Voorhees could significantly influence the investment direction of retail investors going forward. Investors are advised to consider long-term expert outlooks while closely monitoring macroeconomic indicators and establishing their own stable asset allocation strategies.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.*
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