Viewpoint: The decline of Bitcoin is related to the decline in Trump's approval ratings

Bitcoin critic and economist Paul Krugman stated in a blog post that the recent decline in Bitcoin (BTC) is not a coincidence, but rather related to the declining poll numbers of pro-cryptocurrency U.S. President Trump.

In his Substack article "The Trump Trade is Unraveling," Krugman wrote that Trump's plummeting poll numbers have negatively impacted Bitcoin prices.

He believes that Trump had promised to support the digital asset industry and promote pro-cryptocurrency policies, making Bitcoin effectively a bet on "Trumpism."

He added that President Trump's diminished power has led to a weakening of his efforts to promote cryptocurrency, which in turn has affected Bitcoin prices.

Krugman has long criticized Bitcoin. He argues that Bitcoin is economically useless, serving neither as a medium of exchange nor as a hedge against inflation, and its performance resembles that of a more volatile tech stock. (Decrypt)