在没有具体公用事业的情况下，唐纳德·特朗普（Donald Trump）就职前三天发射了三天，但经历了壮观的爆发。

如果政治上的臭名昭著成为一种声音和绊倒的货币怎么办？唐纳德·特朗普（Donald Trump）发起加密货币，清醒地为2025年1月17日的特朗普（Trumpon）施加了赌注，这是一个赌注，挑衅性的，可能是有利可图的。

Launched three days before the inauguration of Donald Trump, the crypto $ Trump, despite lacking any concrete utility, nevertheless experienced a spectacular breakout. How can this phenomenon be explained?

加密特朗普唐纳德·特朗普（Donald Trump）开幕前三天，尽管缺乏任何具体的公用事业，但仍经历了壮观的突破。如何解释这种现象？

What if political notoriety became a tradable and volatile currency? It's a bet, both bold and potentially lucrative, that Donald Trump made by launching his cryptocurrency, simply named $ Trump, on January 17, 2025, three days before his official return to the White House.

如果政治上的臭名昭著成为一种可交易和波动的货币怎么办？唐纳德·特朗普（Donald Trump）在2025年1月17日正式返回白宫前三天，唐纳德·特朗普（Donald Trump）发起他的加密货币，简单地将他的加密货币命名为$ trump，这是一个大胆的赌注。

This token, marketed on the Solara blockchain, even experienced a dazzling ascent. Introduced at around 8 dollars, it reached a peak at $ 77.24 on January 19, 2025, briefly pushing its capitalization to over $ 27 billion. However, this momentum quickly fizzled out. After stabilizing around $ 8.46 in early April, the token price fell to $ 7.50 on April 17.

这是在Solara区块链上销售的代币，甚至经历了令人眼花mass乱的上升。它以大约8美元的速度推出，达到了2025年1月19日的77.24美元的峰值，将其资本化短暂提高到270亿美元。但是，这种势头很快消失了。在4月初稳定约8.46美元之后，代币的价格下降至4月17日的7.50美元。

Behind this digital token, lacking any real utility, lies a phenomenon well-known to economists: speculation, fueled by collective belief, network effects, and the charisma of a politician. A bubble can emerge even in a perfectly rational market, as soon as investors anticipate a continuous increase in price. Abreu and Brunnermeier extend this analysis by showing how strategic behavior - everyone hoping to exit before the others - can artificially sustain a valuation disconnected from fundamentals.

在这个数字代币背后，缺乏任何真正的效用，是经济学家众所周知的一种现象：集体信念，网络效应和政治家的魅力所推动的猜测。即使在一个完美理性的市场中，泡沫也可以出现，因为投资者预计价格会不断上涨。 Abreu和Brunnermeier通过表明战略行为（希望在其他人面前退出）如何人为地维持与基本面脱节的估值是如何进行的。

From a historical perspective, all bubbles, from Dutch Tulips to Bitcoin, share the same core: an attractive story followed by a brutal setback.

从历史的角度来看，从荷兰郁金香到比特币的所有泡沫都有相同的核心：一个有吸引力的故事，然后是残酷的挫折。

The $ Trump is not only a volatile asset; it is also the revealer of an increasingly porous border between political capital and financial capital. Can we still speak of a simple cryptocurrency initiative? Or is it a symptom of an economy in which personal influence becomes a monetary lever?

$特朗普不仅是一个动荡的资产；它也是政治资本和金融资本之间越来越多的边界的​​揭示者。我们还能说一个简单的加密货币计划吗？还是个人影响力成为货币杠杆的经济症状？

As an economist, I offer here a critical reading of this unprecedented phenomenon at the crossroads of markets, symbols, and power.

作为一名经济学家，我在这里对市场，符号和权力的十字路口进行了对这种前所未有的现象的批判性阅读。

Use Value vs. Market Value

使用价值与市场价值

In the universe of cryptocurrencies, there are broadly two main families. On one hand, projects based on technological or financial innovation, such as Ethereum, stablecoins, or DeFi protocols. On the other, we have tokens without any practical utility. Possessing strong speculative potential, they are often powered by an active community or an emblematic figure. The $ Trump falls fully into this second category. A distinction is often made between Functional crypto-actives (Utility Tokens) designed for a specific purpose and those without use value, intended purely for speculation, such as SamCoin.

在加密货币的宇宙中，有两个主要家庭。一方面，基于技术或金融创新的项目，例如以太坊，稳定协议或DEFI协议。另一方面，我们没有任何实际实用性的令牌。它们具有强大的投机潜力，通常由活跃的社区或象征人物提供动力。特朗普完全属于第二类。通常在为特定目的设计的功能加密激活物（实用程序令牌）和无用值的功能性加密式（实用程序令牌）之间进行区分，纯粹用于猜测，例如Samcoin。

This dissociation between usage value and market valuation is not specific to the $ Trump. It has been observed since the first academic works on Bitcoin, which show that it struggles to fulfill the classic economic functions of money. As the economist Figuet remarks:

使用价值与市场估值之间的这种分离不是特朗普的特定。自比特币上的第一部学术作品以来，就已经观察到了它，这表明它努力实现货币的经典经济功能。正如经济学家菲格特所说：

"Bitcoin cannot be considered as a currency: the absence of intrinsic value and legal courses results in a strong volatility which does not allow it to fulfill traditional monetary functions."

“比特币不能被视为一种货币：缺乏内在价值和法律课程会导致强大的波动性，这不允许其实现传统的货币功能。”

The $ Trump pushes this logic even further by removing any technical or transactional dimension in favor of a pure speculative narrative.

$特朗普通过删除任何技术或交易的维度来进一步推动这种逻辑，而有利于纯粹的投机叙事。

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从星期一到星期五 +周日，免费从我们的专家那里收到分析和解密，以便再次查看新闻。立即订阅！

Economic Narratives

经济叙事

Like Dogecoin or Shiba Inu, the $ Trump does not offer any concrete service, is not based on any specific technical protocol, and does not grant access to products or rights. Its only value is founded on its image: that of a controversial president, known for his strong mobilization power, transforming his popularity into financial assets. This lack of "fundamentals" did not prevent it from experiencing a dazzling valuation (briefly). In a market where expectations are self-fulfilling, the value of an asset can then be born solely from the collective belief that it will take on value. If enough people believe that the $ Trump will rise, they buy, thus increasing the price and reinforcing this belief.

像Dogecoin或Shiba Inu一样，特朗普不提供任何具体服务，不是基于任何特定的技术协议，也不授予对产品或权利的访问权限。它的唯一价值是建立在其形象上的：一个有争议的总统的价值，他以强大的动员力量而闻名，将他的受欢迎程度转化为金融资产。缺乏“基本原理”并没有阻止其造成令人眼花ant乱的估值（简短地）。在一个期望是自我实现的市场中，资产的价值可以仅来自集体信念，即它将具有价值。如果足够多的人认为特朗普会上升，他们会购买，从而提高价格并加强这种信念。

This phenomenon is not new. The economist Shiller has shown that speculative bubbles are not based solely on economic data but also on shared beliefs, amplified by the media and by collective stories. He further deepened this idea by introducing the concept of Narrative Economics: these simple, viral, and emotional stories that shape our economic decisions. The story of the $ Trump is an almost caricatural example: a president who becomes a currency, a token as a political declaration, a digital active ingredient fueled by an implicit promise of power.

这种现象并不新鲜。经济学家希勒（Shiller）表明，投机性泡沫不仅基于经济数据，而且还基于共同的信念，并由媒体和集体故事放大。他通过介绍叙事经济学的概念进一步加深了这个想法：这些简单，病毒和情感的故事来塑造我们的经济决策。 $特朗普的故事几乎是一个讽刺的例子：总统成为一种货币，作为政治宣言的代币，一种数字积极的成分，由隐含的权力承诺推动。

The $ Trump is not simply a crypto product; it is a symbolic political object, imbued with a powerful story and a strong emotional charge. And in the markets, sometimes, that's enough.

$ trump不仅仅是加密产品。这是一个象征性的政治对象，充满了强大的故事和强烈的情感指控。在市场上，有时就足够了。

Trump Brand Value

特朗普品牌价值

Unlike other SamCoins, the $ Trump is not born from a simple Internet meme or anonymous collective craze. It is backed by a very real political figure. It thus embodies a turning point: the direct monetization of political capital.

与其他Samcoins不同，特朗普不是从简单的互联网模因或匿名集体热潮中诞生的。它得到了一个非常真实的政治人物的支持。因此，它体现了一个转折点：政治资本的直接货币化。

In economics, we have long spoken of intangible capital to designate non-tangible resources such as reputation, visibility, or

在经济学中，我们长期以来一直在谈论无形的资本，以指定声誉，可见性或