Erik Voorhees, the early Bitcoin (BTC) advocate and founder of ShapeShift, spent $6.81 million in USDC (USDC) to purchase 1,382 ounces of PAXG (PAXG) — a gold-backed token — at an average price of $4,926 per ounce, as gold holds above $5,000 and Wells Fargo raises its 2026 target to $6,100–$6,300.
What Happened: Voorhees Buys Gold
Voorhees, who entered the Bitcoin ecosystem in 2011 and went on to found several of the earliest major crypto companies, created nine new wallets to execute the purchases. The on-chain intelligence firm Arkham Intelligence confirmed the activity.
Gold was trading at $5,048 per ounce at the time of writing, up nearly 15% since bottoming out at $4,402 on Feb. 2. The recovery has been supported by strong central bank demand and inflows from gold ETFs.
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 firm cited geopolitical risks, market volatility, and sustained central bank demand.
Technical analyst Rashad Hajiyev projects a near-term breakout to around $5,200 per ounce before gold enters a range-bound phase. Separately, Daniel Oliver, founder of Myrmikan Capital, sees a longer-term surge to $12,595 per ounce, driven by central bank buying and concerns over what he describes as a potential "government bond death spiral."
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Why It Matters: Crypto Veterans Hedge
Analyst Jacob King noted that Voorhees' move signals that some of crypto's earliest adopters are hedging against potential market volatility by holding both physical and tokenized gold. The move is notable because Voorhees has long championed Bitcoin as "digital gold."
Nic Puckrin, CEO and co-founder of Coin Bureau, said the recent dip in gold prices reflects a temporary pause rather than a retreat. "Gold holding firm after a dip says the market is essentially on hold, not backing off," Puckrin wrote, citing upcoming U.S. jobs and CPI data as likely catalysts for rate-cut expectations.
Gold has surged 1,658% since 2000, compared to the S&P 500's 460% gain over the same period. Even after factoring in dividends, the S&P's total return of roughly 700% underscores gold's role as a portfolio diversifier, particularly in periods of macroeconomic and geopolitical uncertainty.
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