Opinion: Bitcoin's decline is related to Trump's drop in approval ratings

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

Krugman wrote in his Substack article "The Trump Trade is Unraveling" that the sharp decline in Trump's poll numbers has had a negative impact on the price of Bitcoin.

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

He added that President Trump's apparent loss of power has weakened his efforts to promote cryptocurrency, which in turn has affected the price of Bitcoin.

Krugman has long been a critic of Bitcoin. He believes that Bitcoin is economically useless, neither a medium of payment nor a hedge against inflation, and behaves more like a highly volatile tech stock.