The honeymoon is over—for President Donald Trump and crypto enthusiasts alike.
A new Morning Consult poll shows Trump’s approval rating has fallen to 45%, while disapproval has risen to 52%, down slightly from two weeks ago and well below the 52% approval rating he enjoyed at the start of his second term.
Summary
- The Dow Jones surpassed 50,000 earlier this month, but voters are not happy.
- Republicans (86%) still approve of Trump, according to a new poll; while Democrats (11%) and Independents (33%) remain skeptical of his policies and actions.
- Critics view conflicts of interest from Trump and his family’s crypto ventures as problematic.
Along party lines, he still commands near-universal support from Republicans (86%), while Democrats (11%) and Independents (33%) remain skeptical.
As the Dow Jones passed 50,000 earlier this month, voters are not happy. Only about half believe that Trump has effectively dealt with health care costs and grocery prices, with approval ratings of 42% and 44% for health care and the economy, respectively.
Disapproval is high in these areas, emphasizing that record-breaking stock indexes do not translate into daily relief.
Over the past year, crypto investors have largely approved of Trump’s crypto policies and attributed them to positive market impacts. Today, it is a very mixed picture – some crypto owners doubt or criticize his approach or are disappointed with the results.
Disappointment spills over into cryptocurrency markets, where the post-election “Trump trade” rally is quickly faltering. Bitcoin, which rose above $125,000 in October 2025 on election excitement, is down more than 28% year to date. Interest in projects related to the Trump administration, including the memecoin $TRUMP, has evaporated, with some losing as much as 95% of their value.
Industry insiders cite a combination of factors: policy outcomes have failed, proposed regulations such as the CLARITY Act may centralize control rather than improve decentralization, and market sentiment to reduce risk has replaced previously assumed enthusiasm.
Even proponents like Cardano founder Charles Hoskinson have called the administration’s crypto influence “somewhat irrelevant,” while Nobel laureate Paul Krugman called the Bitcoin crash “a revelation of the Trump trade.”
Survey from Information shows that about 71% of respondents oppose the Trump administration’s cryptocurrency management policies, and 59% are strongly against them. Only about 20% expressed support.
It is interesting that even among the owners of crypto-about 40% of the respondents-the opposition exceeded the support, a trend bucking from other polls where the owners of crypto depended on Trump.
Critics have cited several concerns: potential conflicts from Trump and his family of crypto ventures, the risk that Bitcoin’s strategic position could weaken the US dollar, and broader concerns about fraud, crime, and market volatility for digital assets.
