特朗普加密货币举措的真实经济故事既不是特朗普令人发指的市场价值，也不是对其信徒的粗暴剥削

它具有象征意义：一位现任总统公开挑战和破坏他发誓维护的国家货币体系。

Just days before his second inauguration, Donald Trump announced $TRUMP, a meme cryptocurrency tied to his personal brand.

就在他第二次就职的前几天，唐纳德·特朗普宣布推出 $TRUMP，这是一种与他的个人品牌相关的模因加密货币。

“It’s time to celebrate everything we stand for: WINNING,” he wrote on Truth Social.

“是时候庆祝我们所代表的一切了：胜利，”他在 Truth Social 上写道。

For many, especially his most loyal supporters, this wasn’t merely an investment opportunity; it was a pledge of allegiance. The coin’s value peaked explosively at $US15 billion in market capitalisation before slumping to $8 billion — staggering sums given the absence of any underlying business model or fundamental value. Yet the savings of Rust Belt America flowed into $TRUMP, driven by a belief that this new currency represented something more desirable, more worthy, than the US dollar itself.

对于许多人，尤其是他最忠实的支持者来说，这不仅仅是一个投资机会；这是效忠的誓言。该代币的市值曾一度达到 150 亿美元的峰值，然后跌至 80 亿美元——考虑到缺乏任何潜在的商业模式或基本价值，这一数字令人震惊。然而，美国铁锈地带的储蓄流入美元特朗普，因为他们相信这种新货币代表着比美元本身更令人向往、更有价值的东西。

Underreported yet profound, the true economic story of Trump’s crypto move is neither the outrageous market value of $TRUMP nor the gross exploitation of his believers. It’s about symbolism: a sitting president openly challenging, and sabotaging, the national monetary system he is sworn to uphold.

特朗普加密货币举措的真实经济故事虽然报道较少，但却意义深远，既不是 $TRUMP 令人震惊的市场价值，也不是对其信徒的粗暴剥削。这是关于象征意义的：一位现任总统公开挑战和破坏他发誓维护的国家货币体系。

Donald Trump is the first pump-and-dump president

唐纳德·特朗普是第一位拉高抛售的总统

The dollar has long been more than a currency; it is the cornerstone of America’s global power. Its dominance rests on trust in US institutions, in the Federal Reserve’s neutrality, and in the dollar’s role as the global constant. $TRUMP, through its conjuring into existence, opens a surreal crack in this foundation.

唐纳德·特朗普 (Donald Trump) 是第一位拉高抛售的总统。 长期以来，美元不仅仅是一种货币；它更是一种货币。它是美国全球实力的基石。它的主导地位取决于对美国机构、美联储中立性以及美元作为全球常数的作用的信任。 $特朗普通过它的出现，在这个基础上打开了一条超现实的裂缝。

For the first time in history, the leader of the United States has effectively introduced a “rival” currency, bypassing the centralised systems that define national monetary sovereignty. While the motivation behind the venture is, without doubt, pure personal gain, the result is more than financial exploitation and meme theatre. It signals to the world that even the office of the US president no longer sees their own dollar’s supremacy as inevitable.

美国领导人历史上第一次有效地引入了一种“竞争对手”货币，绕过了定义国家货币主权的中央集权体系。虽然冒险背后的动机毫无疑问是纯粹的个人利益，但其结果不仅仅是经济剥削和迷因戏剧。它向世界发出信号，即使是美国总统办公室也不再认为自己的美元霸权是不可避免的。

$TRUMP sets a precarious precedent. Currency has always been a reflection of state power, backed by the legitimacy of governments and their ability to provide stability. $TRUMP upends this. It is 100% speculative, decentralised and grounded in personal loyalty. For Trump’s supporters, this is precisely its appeal. $TRUMP is a rejection of the institutions they view as elitist and unaccountable. By investing in it, they are declaring their trust in a leader over the system he leads.

$TRUMP 开创了一个不稳定的先例。货币一直是国家权力的体现，并得到政府合法性及其提供稳定能力的支持。 $特朗普颠覆了这一点。它是 100% 投机性的、去中心化的并且基于个人忠诚度。对于特朗普的支持者来说，这恰恰是它的吸引力。 $特朗普是对他们认为是精英主义和不负责任的机构的拒绝。通过投资它，他们表明了对领导者的信任，而不是他所领导的系统。

The dominance of the US dollar has always depended on its stability and indispensability. It is not just America’s currency; it is the world’s currency, the ultimate liquid store of value and the lifeblood of global trade. $TRUMP introduces doubt and factionalism into a system already complex and fragile. For the dollar, whose authority is underpinned by a shared belief in its strength, the departure is significant, and such cracks in trust have a way of spreading.

美元的主导地位始终取决于其稳定性和不可或缺性。它不仅是美国的货币，也是美国的货币。它是世界货币、最终的流动价值储存手段和全球贸易的命脉。 $特朗普将怀疑和派系主义带入了一个已经复杂而脆弱的体系。对于美元来说，其权威是由对其实力的共同信念支撑的，这种背离是重大的，而且这种信任裂缝有一种蔓延的方式。

Globally, the subversion runs deep. For decades, the dollar has been America’s most effective tool of influence, ensuring trading superiority and allowing the US to finance its deficits with unparalleled ease. Yet this exclusivity has bred resistance. Nations like China, Russia and the BRICS bloc have long sought alternatives. While he has threatened huge tariffs on any country that does not use the dollar, in a move of Trumpian contradiction, the launch of $TRUMP makes this threat both more real and more farcical.

在全球范围内，颠覆活动根深蒂固。几十年来，美元一直是美国最有效的影响力工具，确保了贸易优势，并使美国能够以前所未有的轻松方式为其赤字融资。然而这种排他性却招致了抵制。中国、俄罗斯和金砖国家等国家长期以来一直在寻求替代方案。尽管他威胁要对任何不使用美元的国家征收巨额关税，但特朗普式的矛盾举动却让美元特朗普的推出让这一威胁变得更加真实，也更加滑稽。

The implications at home are equally profound. The Federal Reserve, long the steward of America’s monetary stability, now faces a challenge unlike any other. $TRUMP operates entirely outside its purview, creating a decentralised system that drains trust and liquidity away from the dollar, even if superficially it appears affiliated with the centre of American political theatre.

对国内的影响同样深远。美联储长期以来一直是美国货币稳定的管理者，现在面临着前所未有的挑战。 $特朗普完全在其职权范围之外运作，创建了一个分散的系统，耗尽了美元的信任和流动性，即使表面上它似乎隶属于美国政治舞台的中心。

While $TRUMP is unlikely to disrupt the economy in any material way, its symbolism weakens the Fed’s authority. It signals that monetary stability, once the bedrock of US governance, is now a contested space. The gate has been opened to dispute — unlocked and left ajar from inside the castle. For Trump’s supporters, this is validation. For America’s rivals, it is an invitation. Trust is depleted, even at the heart of the country that built the global financial system.

虽然特朗普不太可能以任何实质性方式扰乱经济，但其象征意义削弱了美联储的权威。这表明货币稳定曾经是美国治理的基石，现在却成为一个有争议的领域。大门已被打开，引起争议——从城堡内部未上锁且半开。对于特朗普的支持者来说，这是一种验证。对于美国的竞争对手来说，这是一个邀请。即使在建立全球金融体系的国家的中心，信任也已耗尽。

Economically, $TRUMP is a fiscal flag burning that has gone unchallenged, dismissed as entertainment, a transient punchline from the White House entertainment stream. Meanwhile, the real-dollar wealth it lifts from the American public and funnels to its leader’s pockets is genuine and immense.

从经济上来说，特朗普是一面燃烧的财政旗帜，没有受到任何挑战，被视为娱乐，是白宫娱乐节目中短暂的笑点。与此同时，它从美国公众那里获取并流入其领导人口袋的真实美元财富是真实而巨大的。

$TRUMP’s reliance on personal branding ensures its lifespan will mirror the political fortunes of its creator. For those who invested their savings, the volatility risks are immense. But even when $TRUMP meme mania fades, the system is now ever so slightly less stable. What $TRUMP has shown is the reserve currency can be unseated, not by external adversaries but by its own leadership.

$TRUMP 对个人品牌的依赖确保其生命周期将反映其创建者的政治命运。对于那些将储蓄进行投资的人来说，波动风险是巨大的。但即使 $TRUMP meme 狂热逐渐消退，该系统现在的稳定性也稍显不稳定。特朗普所表明的是，储备货币可以被取代，不是被外部对手，而是被其自身的领导层取代。