2025年6月初，美國總統特朗普與Tesla/SpaceX行政總裁馬斯克爆發重大公開衝突，衝擊金融市場，包括加密貨幣。事件起初因特朗普重磅「One Big Beautiful Bill」稅收與開支法案激起爭拗，隨即演變為Twitter與Truth Social上的私人戰爭。
特朗普與馬斯克針對赤字問題、電動車法規，甚至愛潑斯坦案件在社交媒體及新聞平台互相攻訐；此時比特幣等加密貨幣出現急跌，焦點落在幣市波動和投資者情緒。
本文以Forbes式角度分析「特朗普–馬斯克」爭拗及其即時衝擊，並剖析五大加密貨幣生態影響——由幣價暴挫，以至投資者對加密貨幣未來信心受挫。
從開支法案爆發的恩怨
恩怨起於馬斯克公開批評特朗普的開支法案，形容屬「荒謬、離譜、充滿豬肉的國會怪物」。馬斯克直指這份「One Big Beautiful Bill」將令赤字惡化，更會抵消特朗普自設的「政府效能部」(DOGE)成效。曾經視馬斯克為盟友及顧問的特朗普隨即反擊。
6月5日，總統打破沉默，在白宮挺法案時指出Tesla曾獲補貼，並警告馬斯克反對是因「知道我們即將」取消電動車政策。
到下午，特朗普於Truth Social連環發文，猛烈抨擊馬斯克：「Elon已經『開始頂唔順』⋯跟住就癲咗!」，並解釋是自己「攞走咗佢嘅電動車政策」。他更暗示取消馬斯克與政府的合約與補貼，是最快減開支的方法，可「慳返數以十億計美元」。
兩人關係由特朗普過去欣賞馬斯克，到公開踏實他，語氣明顯逆轉。
馬斯克火力反擊
馬斯克隨即以連串Twitter貼文反擊。特朗普開火僅數分鐘，馬斯克便指責對方說謊並挑機：「咁明顯嘅謊言，真係可悲」。接著他再嘲諷：「呢齣戲愈嚟愈精彩⋯做咗啦，有種就嚟」，公然叫特朗普終止SpaceX與Tesla合約。
馬斯克最尖銳的攻擊則在下午3:10爆出——他無證據聲稱特朗普「出現在Epstein文件裡」，並寫下「Have a nice day, DJT!」。暗示特朗普政敵握有愛潑斯坦相關文件，事件進一步升溫。
幾分鐘後馬斯克提到SpaceX運作：他在Twitter表示，「因應總統有關取消合約的說法，@SpaceX將即時退役Dragon太空船」。此艙現為NASA唯一航天載具，威脅意味甚濃。但數小時後馬斯克又收回，承認不會實際廢除Dragon計劃。
馬斯克一連串貼文——指特朗普說謊、斷言關稅恐引發衰退、怒轟Epstein——令兩位巨頭公開衝突異常激烈。
市場地震與政圈回應
隨著雙方指控不斷，市場大跌。Tesla股價早於2025年已承受壓力，6月5日當天暴跌逾14%，單日蒸發約1,500億美元市值。特朗普媒體DJT股價也因風波急挫。加密幣即時跟隨：比特幣失守10萬美元，CoinDesk 20指數一天跌近5%。
與馬斯克長期相關的Dogecoin狂瀉約9%，而特朗普題材Solana代幣也雙位數急跌。
白宮嘗試降溫。新聞秘書Karoline Leavitt稱Twitter之爭只是「馬斯克的不快一幕」，指馬斯克只是因法案未如己意而不滿。「總統正專注推動歷史性立法，令國家再偉大」，Leavitt向記者說。
市場分析員認為事件影響罕見——Wedbush策略師指「令人目瞪口呆」見友誼分裂，Musk/Trump之爭或改變監管展望。
另一名分析師指出，過去24小時，約9.79億美元加密槓桿倉位被清算，反映動盪下市場異常波幅。
至當晚，總統對《Politico》聲稱對風波「OK」，再轉回政策重點。馬斯克亦調低語氣，接受著名投資人Bill Ackman勸告「冷靜吓」，並推文稱不會退役Dragon太空船。
但損失已經造成：全球頭條盡是兩巨頭互撼。短短數小時，Twitter大戰令馬斯克身家蒸發千億（僅次於2021年Tesla股災），其科技項目走向更添不確定。
對加密貨幣市場的五大影響
隨著特朗普–馬斯克風波持續，幣圈交易員如坐針氈。事件突顯加密市場如何敏感於宏觀新聞及政治劇情。以下五大範疇乃是恩怨在幣圈造成的巨浪：
投資者信心大受打擊
首當其衝的是投資者恐慌與不確定感急劇上升。
市場情緒指標逆轉：CoinDesk報導比特幣週四夜間跌逾4%，路透稱「比特幣一夜跌4%」——爭拗觸發恐慌潮。至周五早，加密恐懼與貪婪指數由上週「貪婪」61分，急降至40幾分，反映市場情緒有轉淡跡象。多名交易員及基金經理指詭異大戲激發買家退卻。根據Glassnode統計，長線持有者亦在五月底的升浪拋售，顯示政治動盪進一步壓抑做多動力。
實際來說，市場跟隨大舉拋售。
大量幣圈倉位被平走；CoinTelegraph稱24小時內，比特幣多單清算逾3.08億美元。老牌幣圈牛客亦坦言走勢明顯受新聞衝擊。一名分析師指出，比特幣一度飆至近10.6萬，但Musk-Trump風波一爆發即倒跌，令許多交易員「斷估」。結果事故重挫信心，加密幣波幅與消息面高度相關形象再被強化。
幣價波動進一步加劇
除情緒外，價格震盪進一步惡化。主流幣在新聞爆發時反覆大幅波動：CoinTelegraph指比特幣幾小時內於10萬至10.5萬之間反覆大幅震盪，CoinDesk亦提到Solana及SUI當日各挫7%以上。
乙太跌逾7％，Dogecoin挫9％，XRP同日跌4％。Memecoin及山寨幣表現更差，近期升幅全數蒸發。特朗普主題Solana幣亂市中大瀉近10％至9.82美元，投機價格蒸發。
清算潮進一步加劇波動。Benzinga報導約9.8億美元加密槓桿倉被強制平倉，當中多單佔8.9億美元。這種保證金追收，令跌勢加速；平台要平倉以應對大市回撤。
一度，加密資料平台CoinGlass錄得24小時約22萬交易員被平倉，反映恩怨升級連穩定幣亦難保韌性，有算法幣一度脫鈎。
一名華爾街交易員斷言，波幅在每條帖文後輪流上落，「每當Musk或Trump出聲，幣圈即震盪」。一位資產經理總結：任何馬斯克或特朗普發文，都成了市場風向標——馬斯克質疑某項目，幣圈就要沽貨；特朗普威脅馬斯克身家，市場隨時再挫。這場恩怨為幣圈注入新一輪不確定性。 cryptocurrency valuations. Algorithmic traders quickly factored in the extra risk, further amplifying swings. For hodlers and day-traders alike, the Musk-Trump row became yet another lesson that even tokens like Bitcoin – once considered a “safe haven” by some – can lurch on unrelated public drama.
加密貨幣估值。算法交易員迅速將額外風險計算在內，令價格波動進一步加劇。無論係長線持有者定日間炒家，Musk同Trump之間嘅紛爭又再一次證明，連比特幣呢啲曾經有人視為「避風港」嘅幣種，都會因為無關政治或娛樂事件而大幅波動。
Spark in Regulatory Discussions
The high-profile clash also ignited discussions about crypto regulation, though not yet in concrete rulemaking. Observers in Congress and regulatory agencies took notice of the stray issues highlighted by the feud – in particular the rise of political meme coins and celebrity endorsements. One immediate regulatory angle was the potential need to scrutinize crypto ads and claims.
呢場受關注的衝突亦掀起咗對加密貨幣監管嘅討論，雖然暫時未有實質新規定出台。國會同監管機構觀察員留意到今次糾紛暴露一啲問題——特別係政治meme幣興起同名人加持。即時值得監管的方向之一，就係更緊密審查加密貨幣廣告及宣傳內容。
For instance, Trump actively markets an “Official Trump” Solana token on Truth Social as a barometer of his political success, raising questions about disclosure and the SEC’s remit. Similarly, Musk’s love of Dogecoin and spin-off tokens has long drawn regulatory scrutiny; lawmakers might view this dust-up as further proof that crypto markets can be swayed by influential figures.
例如，Trump積極喺Truth Social推銷「Official Trump」Solana代幣作為其政治成功的指標，令人關注資訊披露問題同SEC（證監會）的監管範圍。同期，Musk鍾意Dogecoin及其衍生代幣，都早已成為監管焦點；今次紛爭或會令議員更認同，加密貨幣市場真係好容易俾有影響力嘅人物撼動。
Legal experts told Reuters that the episode could put extra heat on agencies to enforce existing laws. Unlike the 2022 Tesla tweet saga (where SEC fined Musk over Doge tweets), this feud didn’t involve obvious fraud. But it highlights the opacity of some celebrity-driven crypto ventures. For example, regulators might finally look closely at the “Official Trump” token’s issuer: a Solana-based SPAC that the campaign touts (ticker TRUMP) is likely to attract more oversight in the wake of the market gyrations. Meanwhile, the Republican push on crypto – with some allies championing “transparent” stablecoins – could split, since Trump’s own crypto ambitions are unconventional. In short, any sudden crypto mania around Washington events tends to prod regulators into action.
法律專家向路透社表示，呢次事件有可能會令監管機構加強執行現有法例。唔同於2022年Tesla推文風波（當時SEC因Musk講Dogecoin罰款），今次口水戰並無明顯欺詐行為。但事件就凸顯咗某啲名人主導嘅加密項目缺乏透明度。例如，監管機構或會終於認真審視「Official Trump」發行商：競選團隊大力推介的Solana SPAC（代號TRUMP），隨住市場大起大落，相信更難避開監管。與此同時，共和黨內力推加密的分歧亦會浮現——有人支持「透明」穩定幣，但Trump本身對加密野心頗為另類。總括而言，只要有關華盛頓的加密狂熱爆發，都會即時刺激監管機構跟進。
Already, some commentators note that high-profile crypto wins (or chaos) are harder to ignore.
已經有評論指出，愈嚟愈難無視加密貨幣嘅高調贏面或混亂。
The SEC and CFTC hold regular hearings on crypto’s risks; the Musk-Trump conflict is sure to come up, likely prompting calls for clearer rules.
美國SEC同CFTC會定期舉行公聽會討論加密風險；今次Musk-Trump衝突肯定會成為焦點，好大機會引發要求訂立更清晰規則。
In Europe, similar dynamics may play out as regulators watch the U.S. scene.
喺歐洲，類似情況都有可能發生，當地監管機構高度留意住美國動向。
While no new policies are yet on the books, insiders speculate that U.S. agencies will monitor social media-driven pumps more keenly. The timing is significant: Congress is also debating bipartisan stablecoin bills and crypto oversight this summer. If Twitter wars can sway markets to this degree, lawmakers may use the episode to justify stricter controls on crypto-market manipulation, or at least toughen rules for advertising crypto products.
雖則暫時未有新政策出台，業內人士預計美國監管機關會更密切監察社交媒體煽動的炒作潮。時機好關鍵：國會今個夏天都會討論兩黨穩定幣法案同監管議題。如果單靠Twitter罵戰都可以撼動市場，議員好可能會以此作為理由，推動更嚴厲打擊市場操控，起碼會收緊加密產品廣告規管。
Reputational Risk for Meme Coins and Branded Tokens
The Musk-Trump showdown put a glare on the odd corner of crypto where politics meets internet culture: meme coins. Dogecoin, the Shiba Inu-based token Musk famously promotes, saw a steep loss following the announcement that Musk would leave a Dogecoin foundation in April. It then plunged about 10% on June 5, extending a weeklong slide by over 20%. The timing – aligned with the feud – led observers to link Doge’s pain to Musk’s exit and public disputes. Even more directly, Trump’s own fanbase has minted tokens and NFTs around him. Benzinga highlighted that a Solana-based “Official Trump” memecoin fell nearly 10% as the drama unfolded, contradicting the campaign’s boast that his coin’s performance is “the ultimate measure” of his success .
Musk同Trump的對撼焦點再次照射住加密世界最奇特之地——政治同網絡文化的交匯，正正就係meme幣。以柴犬為靈感、Musk大力推廣的Dogecoin，自四月Musk宣佈離開Dogecoin基金會後急挫；到6月5日再插一成，全周跌幅突破兩成。事件時間線同紛爭吻合，令觀察者將Doge嘅頹勢歸咎於Musk的退出及一連串公眾爭拗。更直接嘅係，Trump支持者圍繞佢本人生產咗唔少代幣同NFT。Benzinga就指出，Solana上的「Official Trump」 meme幣隨住風波爆發即跌近一成，明顯同Trump團隊鼓吹「表現代表成功」的說法相互矛盾。
Meanwhile, novel tokens sprang up literally in response. Crypto media reported that traders created a Solana meme coin called “Kill Big Beautiful Bill” (KBBB) to mock Trump’s spending bill name.
同時，新穎代幣亦即時出現作為回應。加密媒體報道有炒家專門創造咗一隻Solana meme幣，叫做「Kill Big Beautiful Bill」（KBBB），拎來奚落Trump嘅開支法案名稱。
The KBBB coin rocketed to a $53 million market cap within hours, then tumbled 30% as quickly. This wild swing, and the fact that such a coin even existed, underscores reputational risk: whenever crypto dabbles in politics or insider jokes, large price moves can happen – which can reflect poorly on broader crypto credibility. If these tokens crash badly, casual observers may view crypto as a playground for cartoonish speculation rather than serious finance.
KBBB幣幾個鐘內暴升至5,300萬美元市值，轉瞬又狂插三成。呢種極端波動，連帶這類幣存在本身，都再一次反映聲譽風險：每逢幣圈玩政治或內部笑話，大幅度價錢波動就極容易發生——最終可能會損害整個加密市場嘅公信力。倘若呢啲幣又爆煲，旁觀者會當你成個圈都只係漫畫式投機，不是真正金融。
For the industry, these episodes reaffirm that the most meme-driven corners can magnify shock. Investors in meme coins tied to personalities must now factor in the risk that the underlying figure (e.g. Musk’s standing with Trump) could abruptly sour. Dogecoin’s recent drop was described by some market watchers as the “Musk slump,” while Trumpcoin’s slide suggests political allegiances can flip investor appetite.
對業界來講，呢啲事件再次證明，最meme-driven嘅範疇極易放大衝擊。買咗同名人緊扣嘅meme幣既投資者而家更要計埋一層人身風險—即係話（例如Musk同Trump關係）人情變卦就即時影響幣價。Dogecoin近期瀉市曾被市場人士形容為「Musk大跌浪」；而Trumpcoin嘅下滑亦意味政治站邊可能一夜變卦，投資口味隨時轉向。
Long-term, if prominent crypto enthusiasts become embroiled in disputes, it could tarnish the coins they champion.
長遠而言，如果加密圈大戶成日捲入爭拗，佢地主推嘅幣都可能蒙上陰影。
A slump in Doge or Trumpcoins may not destroy crypto, but it erodes the hype narrative. Traders may start asking: what happens when other big personalities feud? The lesson is clear – token communities face reputational spillover from their human celebrities.
無論Doge或Trump相關幣大跌，未必會推倒成個加密行業，但點都會蠶食緊之前建立嘅故事與熱情。之後炒家會諗：如果再有其他重磅人物開戰會點？ 啟示好直接——所有代幣社群都要逼住承受來自真人名人既聲譽外溢風險。
Long-Term Trust and Ecosystem Stability
Beyond the immediate price turbulence, many in the crypto world are pondering the longer-term impact on trust. Cryptocurrencies thrived in part on an image of tech-driven independence from politics, but high-profile entanglements with political figures risk muddying that image. If market movers like Musk or Trump can trigger large swings at a whim, casual investors might see crypto as risky, unpredictable or even rigged. That could dampen broader adoption. Some analysts warn that retail crypto users – especially new entrants drawn by stability and tech legitimacy – may get scared by the back-and-forth drama.
即使撇開短期價格大上大落，圈內越來越多人憂慮，今次事件對「信任」會唔會有永久影響。加密幣一路以「科技獨立、超然政治」作賣點，但一旦頻頻有政治明星牽扯其中，形象就自然被混濁。若Musk或者Trump一個念頭可以左右幣價，散戶／小投資者就可能覺得加密市場風險高、不穩定甚至被人操控，最終打擊大眾採納意欲。有分析師警告，零售用戶——特別係追求穩定/科技正統感的新手——會因呢啲你來我往的「劇情」而卻步。
After all, if industry stalwarts can’t keep the peace, how trustworthy is the ecosystem?
講到底，如果業界中堅都搞唔掂基本和氣，呢個生態圈本身有幾可信？
On the flip side, others argue crypto communities have built-in resilience. The Cointelegraph coverage noted that, with Bitcoin on “very shaky ground,” some fundamental supporters saw profit-taking as overdue, implying the fever may break anyway. In that view, Musk’s barbs were simply catalysts in a market already due for a correction after May’s rally. But trust will be measured in how quickly markets settle. If prices recover swiftly once tempers cool, investors might shrug it off as just noise. If instead crypto lingers in a funk, regulators tighten rules, or sentiment remains jittery, the feud could leave a scar.
另一邊廂，有人認為幣圈自有韌性。Cointelegraph形容，比特幣本身已經「地基不穩」，基本派都覺得獲利回吐遲早來臨，意思係市況其實本就應該降溫。咁睇落，Musk的言論只係加快咗修正步伐。但信任最終要視乎市場幾快穩定下來——如火氣消退後價格迅速反彈，散戶會當係雜音；否則如果市場長期低迷、監管惡化或情緒不穩，今次口水戰就真係會遺下傷疤。
Importantly, the spat underscores one of crypto’s core tensions: it aspires to broad, technological independence, yet it is deeply affected by its community’s most famous voices. History shows that surprise tweets and media spectacles can cause sudden dumps (as seen with Musk’s Doge tweets in 2021).
最關鍵係，今次爭拗正好提醒大家幣圈核心矛盾之一：好想做到高度科技自治，但偏偏成日俾圈中名人情緒牽引。歷史一再證明，驚喜tweet和輿論大鑼大鼓令幣價突跌（就好似2021年Musk講Dogecoin）。
Now a sitting president has similarly flexible rhetorical reach into the markets. Crypto evangelists had hoped decentralized finance might rise above partisan squabbles. The Trump-Musk episode is a reminder that personalities still matter – perhaps too much. For the decentralized future crypto promises, the episode may be a bump in the road, but its memory will loom. Observers will be watching whether the community adapts, for instance by improving decentralized governance or risk education, or if it remains exposed to the whims of headline-making titans.
而家，白宮在位總統同樣用言語就可以左右市場。幣圈本來希望去中心化金融能擺脫黨派之爭。事實係，Trump-Musk事件再次示意「人」依然極重要——甚至太重要。呢次紛爭縱然日後只係發展過程一個小波折，但佢帶來既陰影難以抹去。大家都會觀察，社群會唔會改進，比如加強分散治理或風險教育？抑或一如以往，繼續受制於頭條人物情緒。
Conclusion: Eyes on the Horizon
For stakeholders in crypto – from individual investors to institutional players and policymakers – the Trump–Musk feud is a vivid case study in how external drama can buffet markets. In the near term, traders will be watching whether tensions cool or flare up again.
對所有加密持份者——由散戶、機構到政策制定者——Trump和Musk之爭提供咗一個外來戲碼如何衝擊市場的血淋淋教材。短期內，炒家會注視雙方氣氛係收斂定再掀波瀾。
Important indicators will include price action in Bitcoin and popular tokens (especially memecoins), shifts in sentiment indexes and any new heavy liquidations during volatility spikes. Regulators and lawmakers will be listening too: speeches or filings related to crypto promotion or advertising could hint at forthcoming oversight.
重點指標包括：比特幣及熱門代幣（尤其係meme幣）價格表現、情緒指數波動，以及震蕩期間有否大額清倉爆倉。而監管機構和立法者肯定同樣留意風聲：無論係有關加密推廣或廣告的宣布和文檔，或多或少都暗示新一輪監管醞釀中。
Longer term, the industry should watch how the dueling narratives play out. Will “crypto bros” embrace the chaos as meme culture, or will mainstream audiences recoil at the chaos? Either way, one lesson is clear: political drama has real consequences in digital markets. Cryptocurrencies, often pitched as visionary technology, are not immune from the realities of media and public opinion. Observers will be keen to see whether the market stabilizes after this flare-up or if the echo of June 2025’s Twitter war lingers. Investors and builders alike will now measure cryptocurrency risk not only by blockchains and code, but also by the moods of its most famous champions.
長線嚟講，行業要密切留意雙重敘事走勢：「幣圈兄弟」可以當混亂係meme文化玩梗，定係主流會嚇怕而遠離？ 無論邊一邊，結論已明顯：政治戲碼對虛擬金融世界有真實衝擊。加密貨幣雖然推廣得好有Vision，但依然無法避免媒體和輿論現實。所有觀察家都睇實市況今次爆發後會唔會恢復平靜，定會否長留6月推特之戰的鬧劇餘波。往後投資者同行業建設者，要衡量加密幣風險，不單睇區塊鏈同程式碼，仲要睇自家台柱名人情緒同地位起落。