$ trump Coin Saga突出了加密货币市场的缺陷

在唐纳德·特朗普（Donald Trump）的就职典礼上推出的加密货币$特朗普（Trump）的推出激起了兴奋和怀疑主义

The launch of $Trump, a cryptocurrency unveiled during President Donald Trump’s inauguration festivities, has stirred both excitement and skepticism, highlighting the flaws in the cryptocurrency market. Promoted as a revolutionary token, $Trump initially surged to a $15 billion market cap within hours, only to lose over half its value days later.

在唐纳德·特朗普（Donald Trump）的就职典礼庆祝活动期间推出的加密货币$特朗普（Trump）的推出激起了兴奋和怀疑主义，强调了加密货币市场的缺陷。特朗普作为革命代币被提升为革命代币，最初在几个小时内飙升至150亿美元的市值，但几天后才损失了一半以上的价值。

For critics like Global Macro Monitor, the $Trump saga epitomizes why cryptocurrencies lack credibility: they have no intrinsic value and fail to meet John Maynard Keynes’ definition of a currency—1) a store of value, 2) a medium of exchange, and 3) a beneficial unit of account.

对于像全球宏监测器这样的批评家，$ trump saga代表了为什么加密货币缺乏信誉：它们没有内在价值，并且未能满足约翰·梅纳德·凯恩斯（John Maynard Keynes）对货币的定义 - 1）价值存储，2）一种交换媒介，和一种媒介3）有益的帐户单位。

A Gimmick-Driven Launch

头驱动的发射

Announced during the star-studded Crypto Ball, $Trump entered a market already rife with speculation. Backed by a Trump-affiliated entity controlling 80% of the supply, the memecoin promised supporters a way to share in the “crypto revolution.”

特朗普在星光熠熠的加密舞会上宣布，$ $特朗普进入了一个已经充满猜测的市场。在一个由特朗普附属的实体控制供应占80％的实体的支持下，Memecoin向支持者承诺一种分享“加密革命”的方式。

However, the launch was followed swiftly by Melania Trump’s competing token, $Melania, and later by the Reverend Lorenzo Sewell’s $Lorenzo coin, introduced just hours after his inauguration benediction.

然而，此次发布之后是梅拉尼亚·特朗普（Melania Trump）的竞争令牌，$ melania，后来是由洛伦佐·塞维尔（Lorenzo Sewell）牧师的$ lorenzo Coin在就职典礼后几个小时引入的。

Sewell, a Detroit pastor, pitched $Lorenzo as a funding tool for charitable initiatives, only to see its value spike briefly before collapsing—mirroring $Trump’s trajectory.

底特律牧师塞维尔（Sewell）将$ lorenzo作为慈善计划的资助工具，只是为了在倒塌之前短暂地看到其价值尖峰，这是$特朗普的轨迹。

The ease with which these tokens were minted highlights the fundamental problem with crypto scarcity. While Bitcoin is touted as “digital gold” due to its fixed supply, the flood of memecoins—ranging from $Trump to celebrity coins like $LeBron (LeBron James) and $Leo (Leonardo DiCaprio)—reveals that cryptocurrencies can be created out of thin air, eroding the foundation of the investment thesis tied to scarcity.

这些令牌被铸造出来的便利性突出了加密稀缺的基本问题。尽管比特币由于其固定供应而被吹捧为“数字黄金”，但成人的泛滥（从$ trump到名人硬币），例如$ lebron（Lebron James）和$ Leo（Leonardo DiCaprio） - 可以从加密货币中产生的范围。稀薄的空气，侵蚀了与稀缺性有关的投资论文的基础。

A Questionable Wealth Boom

可疑的财富繁荣

The broader cryptocurrency market now exceeds $3 trillion in capitalization, creating vast wealth for some without producing anything of tangible value. This speculative boom is undeniably inflationary on the margin, as money flows into unproductive assets rather than contributing to real economic output. For Global Macro Monitor, this wealth accumulation, untethered to intrinsic value — or a value anchor, for that matter — amplifies concerns about cryptocurrencies’ long-term sustainability.

现在，更广泛的加密货币市场超过3万亿美元的资本化，为某些人创造了巨大的财富而没有产生任何有形价值的东西。这种投机性的繁荣在利润率上无疑是通货膨胀的，因为钱流入了非生产性的资产，而不是促进真正的经济产出。对于全球宏监测仪，这种财富积累，不受内在价值或价值锚的限制，可以放大对加密货币的长期可持续性的担忧。

Failing Keynes’ Test of Currency

凯恩斯的货币测试失败

While Bitcoin enthusiasts argue that crypto represents financial innovation, it fails Keynes’ test of currency. Its extreme volatility makes it a poor store of value, few merchants accept it as a medium of exchange, and its fluctuating prices undermine its role as a unit of account. The chaotic launches of $Trump and $Lorenzo only exacerbate these weaknesses, reducing the market to a speculative playground.

尽管比特币爱好者认为加密货币代表金融创新，但它未能通过凯恩斯的货币测试。它的极端波动使其成为价值贫困的储备，很少商人将其视为一种交换媒介，而且价格的波动破坏了其作为帐户单位的作用。 $ trump和$ lorenzo的混乱推出只会加剧这些弱点，从而将市场降低到投机游乐场。

Industry and Public Reactions

行业和公共反应

Critics within the crypto community were quick to decry the $Trump coin. Nic Carter, a Trump supporter and crypto investor, called the move a cash grab that undermined the industry’s credibility. Ethereum creator Vitalik Buterin went further, warning that political and celebrity coins are tools for manipulation and a threat to democracy.

加密社区中的批评者很快谴责$特朗普硬币。特朗普的支持者和加密货币投资者尼克·卡特（Nic Carter）称这一举动抢占了这一损害行业的信誉。以太坊的创造者维塔克·布特林（Vitalik Buterin）进一步走了，警告政治和名人硬币是操纵和对民主威胁的工具。

Social media backlash was swift, with many accusing the Trump family of exploiting their positions for personal enrichment while tarnishing the industry.

社交媒体的反对是迅速的，许多人指责特朗普家族在破坏该行业的同时，利用自己的职位来实现个人丰富。

Despite the controversy, the Trump administration continues to champion crypto, with executive orders aimed at easing regulations. Anyone counting on regulation to bring stability should think again. The next four years in the cryptocurrency market y are set to make the “Wild West look like a Sunday picnic,” as new tokens and speculative ventures flood the space, testing the limits of both investors and regulators. In addition, the crypto industry is hoping for a “takeout” by the U.S. G. by the creation of a U.S. Bitcoin strategic reserve.

尽管引起了争议，但特朗普政府继续倡导加密货币，执行命令旨在放松法规。任何指望法规带来稳定性的人都应该重新考虑。随着新的代币和投机活动淹没了空间，测试了投资者和监管机构的局限性，接下来的四年在加密货币市场上Y将使“野外西部看起来像周日野餐”。此外，加密货币行业希望通过创建美国比特币战略储备来通过USG进行“外卖”。

A Cautionary Tale

一个警示性的故事

The $Trump coin also highlights the fragility of the cryptocurrency market and the dangers of unregulated speculative assets. For Global Macro Monitor, cryptocurrencies’ lack of intrinsic value and inability to function as currencies per Keynesian theory make their long-term appeal dubious.

特朗普硬币还强调了加密货币市场的脆弱性以及不受管制的投机资产的危险。对于全球宏监测器，加密货币缺乏内在价值和无法作为凯恩斯主义理论的货币发挥作用，这使他们的长期吸引力令人怀疑。

That said, we do trade Bitcoin, recognizing its unique position as the most established cryptocurrency and the trading opportunities it presents. The fundamental value of Bitcoin is ambiguous at best and is not tethered to any “fair value” price. Flows, driven by investor and trader psychology determine price.

也就是说，我们确实做了比特币，认识到其独特的地位是最成熟的加密货币及其提供的交易机会。比特币的基本价值充其量是模棱两可的，并且没有束缚在任何“公允价值”价格上。由投资者和交易者心理学驱动的流动决定了价格。

Still, the $Trump saga serves as a sobering reminder that without foundational reforms—and perhaps even with them—cryptocurrencies may remain financial mirages rather than revolutionary innovations.

尽管如此，$特朗普的传奇仍然令人醒目地提醒人们，如果没有基础改革，甚至可能与他们一起进行基础改革，那么cryptocrencies opcrencies可能仍然是财务上的幻影，而不是革命性的创新。

Nevertheless, at the end of the day, what ultimately matters to the crypto industry and its investors can be summed up by paraphrasing the late Al Davis, former owner of the Oakland Raiders:

然而，归根结底，可以通过释义已故奥克兰突袭者队的前所有者Al Davis来总结最终对加密货币行业及其投资者的重要性：

“Just [keep rising in price and] win, baby.”

“只要（不断上涨），宝贝，赢得胜利。”