Erik Voorhees invests millions in gold-backed tokens

Erik Voorhees invested $6.81M in PAXG gold tokens, signaling a move to diversify from crypto into traditional safe-haven assets as gold prices rebound.

Erik Voorhees, a leading figure in the cryptocurrency sector, has invested $6.81 million in USDC to acquire 1,382 ounces of PAXG, a gold-backed token, at an average price of $4,926 per ounce. This move, tracked through the creation of nine new wallets, coincides with gold’s rebound from a 21% decline, now trading above $5,000 per ounce. Voorhees, long known for championing Bitcoin as “digital gold,” appears to be diversifying his portfolio by adding traditional safe-haven assets while remaining active in crypto. Analysts view this as part of a broader trend among early crypto adopters, who are increasingly hedging against market volatility by holding both physical and tokenized gold. The transaction has sparked debate within the crypto community. Many see it as prudent diversification rather than a rejection of Bitcoin. Gold’s recent price stability is attributed to strong central bank demand and ETF inflows, with expectations for further gains.