Bitcoin Pioneer Erik Voorhees Invests Nearly $7 Million in Gold-Backed Token
The ShapeShift founder and long-time Bitcoin advocate Erik Voorhees has positioned himself with a million-dollar investment in tokenized gold.
Erik Voorhees, founder of crypto platform ShapeShift and a prominent Bitcoin advocate since 2011, has invested $6.81 million in PAX Gold according to on-chain data from Lookonchain [1]. The transaction comprises 1,382 tokens of the gold-backed crypto asset at an average of $4,926 per ounce.
The move comes as a surprise, as Voorhees has consistently described Bitcoin as "digital gold." However, current market developments may be the deciding factor: While the precious metal is currently trading just above $5,000 and has gained 75 percent year-over-year, Bitcoin has lost 30 percent of its value during the same period [1].
The trend toward gold is also evident among other crypto players. Stablecoin issuer Tether continues to expand its gold holdings—which now amount to approximately $23 billion and, according to analysts, exceed the official reserves of individual nations [1]. The company recently also announced a stake in precious metals platform Gold.com.
PAX Gold is tradable on Coinbase, among other platforms.
Sources
- [1]btc-echo.de
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