The honeymoon is over for both President Donald Trump and crypto enthusiasts.
According to Morning Consult’s latest poll, President Trump’s approval rating has fallen to 45%, while his disapproval rating has risen to 52%, a slight drop from two weeks ago and well below the 52% approval rating at the start of his second term.
summary
- The Dow Jones Industrial Average rose above 50,000 points earlier this month, but voters aren’t rooting for it.
- A new poll shows Republicans (86%) still support Trump. Meanwhile, Democrats (11%) and independents (33%) remain skeptical of his policies and actions.
- Critics have raised concerns about conflicts of interest posed by Trump and his family’s cryptocurrency ventures.
By party line, he still enjoys near-universal support among Republicans (86%), but Democrats (11%) and independents (33%) remain skeptical.
Even when the Dow Jones Industrial Average rose above 50,000 points earlier this month, voters weren’t cheering. Only about half of Americans believe President Trump has effectively addressed health care costs and food prices, with approval ratings at 42% in health care and 44% in economics.
Disapproval was highest in these areas, underscoring that record-breaking stock prices are not providing a sense of security in everyday life.
Last year, crypto investors largely approved of President Trump’s crypto policies and thought it would have a positive impact on the market. Now, the situation is more complicated, with some crypto holders skeptical or critical of his approach, or disappointed with the results.
Disappointment extends to the crypto market, with the post-election rise in “Trump trading” proceeding rapidly. Bitcoin, which soared to over $125,000 in October 2025 on the back of election excitement, has fallen more than 28% since the beginning of the year. Enthusiasm for projects associated with the Trump administration, such as the meme coin $TRUMP, has waned, with some losing as much as 95% of their value.
Industry insiders cite a combination of factors. Policy outcomes have been disappointing, proposed legislation like the CLARITY Act may centralize control rather than strengthen decentralization, and market risk-off sentiment has replaced previous speculative enthusiasm.
Even supporters like Cardano founder Charles Hoskinson labeled the administration’s influence on cryptocurrencies as “somewhat useless,” and Nobel laureate Paul Krugman called the Bitcoin crash “the unraveling of the Trump trade.”
Questionnaire from information found that approximately 71% of respondents oppose the Trump administration’s crypto policies, with 59% strongly disapproving. Only about 20% expressed support.
Interestingly, opposition outweighed support among crypto holders (about 40% of respondents), bucking the trend of other polls that tilted crypto holders in favor of Trump.
Critics have cited several concerns, including potential conflicts of interest from Trump and his family’s crypto ventures, the risk that Bitcoin’s strategic reserves could weaken the U.S. dollar, and broader concerns about fraud, crime and volatility in digital asset markets.
