Bitcoin OG Erik Voorhees Goes All-In on Gold as Wells Fargo Projects $6,300 XAU Price

Erik Voorhees, an early Bitcoin advocate and founder of ShapeShift, has made a significant pivot by investing $6.81 million in USDC to purchase 1,382 ounces of PAXG, a gold-backed token. This move suggests a diversification strategy, even as Voorhees remains a crypto proponent who once championed Bitcoin as "digital gold." This action comes amidst a recovery in gold prices, which are currently trading above $5,000 per ounce, supported by central bank demand. Analysts are bullish on gold; Wells Fargo projects a 2026 target of $6,100–$6,300 per ounce, citing geopolitical risks and sustained demand. Other analysts suggest potential breakouts toward $5,200 or even a long-term surge to $12,595. The broader context involves a perceived strategic shift in US policy toward a 'softer dollar' to support reindustrialization, which increases demand for hard assets like gold as a hedge against dollar weakness.

(Source：BeInCrypto)