Erik Voorhees, a prominent early Bitcoin advocate and founder of ShapeShift, has shifted a significant portion of his investments into gold. Voorhees recently created nine new wallets and spent $6.81 million in USDC to purchase 1,382 ounces of PAXG, a gold-backed token, at an average price of $4,926 per ounce. This move comes as gold prices recover from a recent dip, with current trading around $5,048 per ounce, up nearly 15% since early February. Voorhees' investment strategy reflects a broader trend among early crypto adopters to hedge against market volatility by diversifying into traditional safe-haven assets like gold. Analysts, including Jacob King, suggest that this shift indicates a cautious approach amid potential economic uncertainties. Meanwhile, Wells Fargo has raised its 2026 gold price target to $6,100–$6,300 per ounce, citing geopolitical risks and sustained central bank demand as key factors supporting gold's appeal.