Opinion: Bitcoin's decline is related to Trump's falling approval rating.

According to Odaily Planet Daily, 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 loss of poll numbers for US President Trump, who supports cryptocurrencies.

In his Substack article, "The Trump Trade is Unraveling," Krugman wrote that Trump's plummeting poll numbers have had a negative impact on the price of Bitcoin.

He believes that because Trump promised to support the digital asset industry and promoted pro-cryptocurrency policies, Bitcoin has effectively become a bet on "Trumpism".

He added that President Trump's power has significantly diminished, leading to a reduction in his efforts to promote cryptocurrencies, which in turn has affected the price of Bitcoin.

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