Donald Trump’s second term has seen him embrace bitcoin (BTC) — often referred to as “digital gold” — and cryptocurrency, including issuing executive orders and promising legislation that will regulate stablecoins and market structure. BTC has seen its price appreciate approximately 4.3% since Trump’s inauguration. Interestingly, the GLD Exchange Traded Fund (ETF), which tracks the price of actual gold, has seen its price appreciate approximately 22% since the beginning of Trump’s second term, substantially more than the so-called “digital gold.” Read more: Crypto cases Trump’s SEC has paused and dismissed in 2025 Gold was briefly an important issue for this administration when Trump’s advisor Elon Musk misrepresented the status of gold held at Fort Knox. Musk pretended that it wasn’t commonly checked and then implied that it was gone. Additionally, Trump’s Executive Director of the President’s Council of Advisers, Bo Hines, has suggested that it may be possible for the United States to sell gold to purchase BTC, an idea which has also been promoted by Republican Senator from Wyoming Cynthia Lummis. Trump-affiliated World Liberty Financial has also been acquiring BTC in the form of Justin Sun-advised Wrapped Bitcoin. Additionally, Trump-affiliated Trump Trading Cards has issued Ordinals-based cards on the Bitcoin network.