2025年6月初，總統特朗普與Tesla/SpaceX行政總裁馬斯克之間爆發嚴重公開衝突，金融市場（包括加密貨幣）大受震撼。起初僅僅是圍繞特朗普歷史性的「One Big Beautiful Bill」稅收與支出法案之爭，卻迅速演變成雙方於Twitter與Truth Social上的個人罵戰。
特朗普與馬斯克針對赤字問題、電動車法規，甚至愛潑斯坦事件公開攻擊，社交平台及媒體廣泛報道。衝突期間，比特幣和其他加密貨幣亦急挫，比特幣長倉斬倉，將加密貨幣的波動性與投資者情緒推上風口浪尖。
本文以Forbes分析風格回顧特朗普與馬斯克風暴的經過及其即時衝擊，並拆解五大對加密貨幣生態帶來的震盪，包括幣價暴挫，以至對加密貨幣未來前景的信心動搖。
爆發點：支出法案引火
馬斯克公然批評特朗普提出的支出法案為「荒謬且充滿豬肉條款的國會怪物」，激發爭端。
馬斯克批評的正是「One Big Beautiful Bill」，他認為該法案會急劇推高赤字，推翻特朗普自家的「政府效率部」（DOGE）成績。特朗普過去一直視馬斯克為親信及顧問，此時卻立即反擊。
6月5日，特朗普總統首次回應，於白宮力撐法案，指Tesla曾受惠舊有補貼，又警告馬斯克現時不滿，因為他「知道我們會」廢除特朗普承諾取消的電動車政策。
當天下午，特朗普在Truth Social連番發文批評馬斯克大發雷霆：「Elon已經『到極限』……他徹底瘋了！」他聲稱已「取消馬斯克的電動車命令」，暗示馬斯克的怒火出於私人恩怨，更指「最快減省政府開支的方法，是終止Elon的政府補貼和合約」，可以「節省數以十億元計」公帑。
評論口吻180度轉變：過去特朗普曾公開稱讚馬斯克的創新，如今卻準備公開炮轟。
馬斯克猛烈反擊
馬斯克隨即於Twitter連珠發炮還擊。特朗普發難數分鐘內，馬斯克就指控對方說謊，更又挑釁：「這麼明顯的謊言。太可悲了。」他再發文：「愈來愈精彩……來吧，有本事取消我SpaceX與Tesla的合約。」直接挑戰特朗普。
馬斯克最具殺傷力的言辭留在稍後才拋出。在下午3:10，他沒有提出證據就於Twitter聲稱特朗普「出現在Epstein文件中」，還戲謔地道：「玩得開心，DJT！」暗示特朗普政敵扣起與Epstein有關的文件令爭端升級。
幾分鐘後馬斯克再轉移戰線至SpaceX，在Twitter稱「鑒於總統宣稱要取消我政府合約，@SpaceX即刻開始退役龍飛船（Dragon spacecraft）」。該膠囊是NASA現時唯一送美國太空人上軌道的渠道，所以這威脅意味深長。不過數小時後馬斯克自行收回，承認並未真正打算廢除龍飛船項目。
馬斯克密集發帖，直指特朗普說謊、警告特朗普關稅必致經濟衰退、又以#Epstein猛擊，這場兩大巨頭的衝突史無前例地激烈。
市場震盪與政界反應
雙方口水戰升級，市場一同下挫。Tesla股價早己承壓，於6月5日單日就暴跌逾14%，市值蒸發約1500億美元。Trump Media（DJT）因消息亦跌得更急。加密貨幣市場同步急挫：比特幣跌穿10萬美元，CoinDesk 20加密貨幣指數單日跌近5%。
馬斯克長年關聯的Dogecoin大跌約9%，而特朗普主題的Solana代幣亦應聲暴瀉雙位數。
白宮試圖低調處理事件。新聞秘書Karoline Leavitt形容網絡罵戰是「馬斯克的不幸一幕」，稱他只是因法案不合意見而不快。「總統專注推行這歷史性立法和讓國家再度強大，」Leavitt告訴傳媒。
有市場分析師形容，目睹友誼決裂十分震撼，更警告「馬斯克/特朗普大戰」可能改變馬斯克公司監管態勢。
另一分析師指出，過去24小時約9.79億美元槓桿加密倉位被強制平倉，反映混亂下的瘋狂波動。
當晚，特朗普接受Politico訪問時語帶軟化，稱「沒問題」，重點又回到政策。馬斯克亦態度緩和，接受億萬富翁Bill Ackman建議「先冷靜」，並於Twitter再聲明不會真地終止龍飛船項目。
但損失已成事實：由東京到華爾街的頭條都被這場公眾衝突壟斷。短短數小時，馬斯克淨資產已蒸發逾數百億美元（僅次於2021年Tesla暴跌時），科技巨頭未來項目籠罩新陰霾。
加密市場五大衝擊
隨著特朗普與馬斯克糾紛發酵，加密交易員戰戰兢兢。事件突顯加密貨幣對宏觀新聞與政治劇情極為敏感。以下是此次風波對加密圈帶來的五大連鎖反應：
投資者信心重創
第一時間就是恐慌與不確定感席捲加密投資者。
市場情緒指標急轉負面：CoinDesk報告比特幣於週四深夜跌逾4%，Reuters直指「比特幣一夜間暴跌4%」，當市場焦點帶到沸點。至週五早上，Crypto Fear & Greed Index由一週前的「貪婪」（61分）跌至中度偏恐慌，買氣明顯退縮。交易員和基金經理直言這場荒誕鬧劇嚇怕買家。據加密分析公司Glassnode，長線持有者於5月底的小升中已開始獲利出貨，政局不明令新動力更難出現。
現實層面，恐慌性拋盤席捲全場。
多個加密倉位被強制平倉；CoinTelegraph指單日內比特幣多頭已有逾3.08億美元清算。即使鐵桿牛市派也承認部分跌勢主因是消息面。一名分析員稱，交易員在比特幣衝到10.6萬美元高位後大意失荊州，馬斯克—特朗普糾紛令買盤即時熄火。本次事件暫時削弱信心，更烙印加密貨幣為極度受新聞主導的高波動資產。
代幣價格劇烈波動
除了情緒外，代幣價格波動急劇加大。主流加密貨幣短時間上下急挫：CoinTelegraph見比特幣於數小時內反覆於10-10.5萬美元間大幅拉鋸，CoinDesk則指Solana及SUI各跌逾7%。
以太幣跌超過7%，狗狗幣挫9%，XRP單日滑落4%。迷因幣及其他山寨幣普遍表現遜於主流幣種，過去升幅悉數回吐。值得注意是，特朗普主題Solana迷因幣於波動中跌近10%至9.82美元，已極度投機的價格更遭重創。
是次波動因強制平倉而加劇。Benzinga報告，事件期間近9.8億美元加密倉位遭強制平倉，其中多頭倉佔8.9億美元。槓桿斬倉意味著價格急速下滑時，交易所強行平倉放大跌勢。
期間，CoinGlass統計風波後24小時內逾22萬名交易者於加密市場被平倉。
連本屬穩定的穩定幣亦一度失去了堅挺，有部分演算法因極端波動無法維持價格錨定。
實時波幅令投資者人心惶惶。有華爾街交易員形容每次兩人發帖即觸發市場大波動。一名資產經理更言，無論馬斯克還是特朗普只要開腔，市場即視作新風險事件：馬斯克提及某項目問題即有賣盤，特朗普一威脅馬斯克財富又再震盪。糾紛令加密貨幣估值變數更難捉摸。 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.
程式交易員迅速將額外風險計算在內，令波動進一步擴大。對於長期持有者（hodler）同日間炒家嚟講，馬斯克（Musk）同特朗普（Trump）嘅爭拗又再帶嚟一個新教訓：即使曾被部分人視為「避風港」嘅比特幣呢啲代幣，都可以喺無關係嘅公眾話題中大幅震盪。
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.
呢場矚目爭拗亦引發有關加密貨幣監管嘅討論，雖然仲未有實際立法行動。國會同監管機構都有留意事件中暴露咗嘅問題——特別係政治meme幣同名人背書嘅興起。其中一個即時監管焦點就係應唔應該加強審查加密貨幣廣告同聲稱。
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，特朗普喺 Truth Social 積極推銷一隻叫做「Official Trump」Solana 代幣，聲稱反映佢政治成就，呢舉措即時引起咗資訊披露同美國證監會（SEC）權限嘅討論。同樣，馬斯克長期公開支持狗狗幣（Dogecoin）同其衍生代幣，以往已引嚟監管關注。議員有可能視呢次爭拗為進一步證據，說明加密貨幣市場容易受名人左右。
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.
法律界人士同路透社表示，今次事件可能會迫使監管機構更嚴格執行現行法例。同2022年Tesla推文事件（當時SEC因為馬斯克關於Doge嘅推文罰佢錢）唔同，今次無明顯欺詐行為，但就凸顯出部分名人推動嘅加密項目缺乏透明度。例如，監管機構好有可能要認真審查「Official Trump」代幣發行商：呢間Solana-based SPAC（代號TRUMP，係競選團隊大力推銷）喺呢次市場波動後，極有可能吸引更多監管目光。與此同時，共和黨一直推動加密貨幣，一啲盟友力撐「透明」穩定幣，但特朗普自己對加密嘅野心又好罕有，內部分歧亦有機會加深。總括而言，任何同華盛頓事件有關嘅突發加密熱潮，都會令監管當局行動起嚟。
Already, some commentators note that high-profile crypto wins (or chaos) are harder to ignore.
有評論者指出，大型crypto贏家（甚至混亂）越來越難被忽視。
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.
美國證監會（SEC）及商品期貨交易委員會（CFTC）定期圍繞加密貨幣風險舉行聽證會；Musk同Trump的爭拗肯定會成為論題，估計有人要求設立更清晰規則。
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，監管者正密切關注美國。
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.
雖然暫時無新政策出台，消息人士推測，美國部門將會更密切監察社交媒體帶動嘅幣價炒作。時間點好關鍵：今年夏天國會正就兩黨共同提出穩定幣法案，同討論加密貨幣監管。如果 Twitter 爭拗都可以將市場推高推低到咁極端，立法者就有理由用事件證明要更嚴格規管市場操控，甚至加強加密貨幣產品廣告條件。
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 .
馬斯克同特朗普之爭，令加密貨幣世界中政治同網絡文化交錯嘅「meme幣」受到聚光燈照射。馬斯克長期主打嘅柴犬幣 Dogecoin，自 4 月宣布馬斯克退出 Dogecoin 基金會後出現大幅下跌，6 月 5 日再大插 10%，一星期累積跌幅超過 20%。事件發生時機配合呢場衝突，令觀察家將 Doge 跌市歸因於馬斯克離場同公開爭拗。更直接嘅係，特朗普自己嘅支持者仲圍繞佢發咗唔少代幣同 NFT。據 Benzinga 報道，Solana 上「Official Trump」meme 幣喺事件爆發時幾乎跌咗 10%，同競選團隊聲稱佢幣價表現係「成功最終指標」相矛盾。
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.
同時市場即場應景推出新幣，據加密媒體報道，一班交易者創立咗 Solana meme 幣「Kill Big Beautiful Bill」（KBBB），用嚟取笑特朗普財政預算法案名。
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 一推出數小時內市值衝上五千三百萬美元，之後又秒速插水三成。呢種瘋狂波動同埋幣種天馬行空，反映 reputational risk（聲譽風險）：加密貨幣一旦碰上政治或者圈內諧趣，幣價好容易大幅炒作——這會損害整個加密世界公信力。如果呢類代幣司機炒爆，一般人就只會覺得加密幣係胡鬧炒作，唔係正經金融。
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.
對業界而言，這啲例子再一次證明，受 meme 文化帶動最勁的地方可以將震盪放大。投資嗰啲與名人掛勾的 meme 幣嘅人家，要預計個 underlying figure（例如馬斯克於特朗普陣營的地位）一夜之間可以變面。市場分析員形容 Dogecoin 近期跌勢為「Musk slump」，而 Trumpcoin 跌市顯示政治立場會快速改變投資胃口。
Long-term, if prominent crypto enthusiasts become embroiled in disputes, it could tarnish the coins they champion.
長遠嚟講，假如加密界核心人物捲入爭拗，佢哋所推崇的代幣都可能受損。
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.
Doge 或 Trump幣插水未必摧毀整個加密圈，但 hype 故事一定會被侵蝕。莊家都可能開始自問：下次仲有新名人衝突會點？教訓好明顯——幣圈社群好大程度上承受來自「真人名人」的聲譽連鎖反應。
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.
即使唔講短期幣價瘋狂波動，crypto界有好多人已經反思長遠信任問題。加密貨幣之所以有今日，有部分因為佢表現為技術驅動、遠離政治干擾。但一旦名人與政客成為市場主角，呢個 image 就會被污染。如果Musk或Trump呢類市場主導者隨時一句話令市值大幅波動，咁一般市民會覺得加密貨幣又危險又無法預計，以至有啲人可能會以為市場已經畸形失控。咁樣發展下去，主流採納率只會下跌。有分析員提醒，尤其係啱啱入行、追求穩定同技術認受性的散戶，可能會被無日無之的爭拗嚇怕。
After all, if industry stalwarts can’t keep the peace, how trustworthy is the ecosystem?
試問連行內大人物都搞唔掂和平共存，咁加密生態點令人信得過？
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.
但亦有分析認為，加密社群自有適應力。Cointelegraph 報道指，如果睇返比特幣現時已經「搖搖欲墜」，部分內行人覺得獲利回吐是遲早的事，熱潮無論如何都遲早會冷卻。喺呢個角度，Musk 爆寸嘴只係加速已經註定要 correction 嘅市場。不過，信任最終會以大市復原速度作指標。如果大市一吹完就回復穩定，投資者會當件事係雜音啫；反之如果幣價長時間唔起色、監管收緊、行情長期忐忑，今次爭拗就會留低後遺症。
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).
值得注意，今次拉鋸最清楚地反映咗 crypto 其中一個本質矛盾：全行都想追求技術主導、人人自主，但一直深受少數頂級人物影響。過往經歷証明，突如其來的推文、媒體大龍鳳，隨時引發幣價短線大跌（如2021年馬斯克談Dogecoin一役）。
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.
如今，現任總統都可以好容易左右幣市。加密信仰者曾經希望去中心化金融可以超越政見之爭。但特朗普-Musk 今役提醒咗大家：人夠出名依然事事過份影響市場。對 crypto 所承諾的「去中心化未來」而言，今次事件只係路上嘅一個凸起，但其陰影將會歷久常新。觀察家都會留意社群日後能否適應，比如進一步推進去中心化治理、改善風險教育，定還是繼續為大人物操控留下空隙。
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.
對加密市場持份者——由散戶、機構、政策制定者到業內專家——今次特朗普–馬斯克風波就係外來因素如何動搖市場現場教科書。短期入面，交易員會密切觀察氣氛會唔會消散或再次升溫。
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.
關鍵指標包括比特幣及各大熱門幣（尤其 meme 幣）走勢、情緒指數變化，及市況波動時出現的重大爆倉情況。監管者及立法部門都會緊貼，一有涉及加密宣傳或廣告報告出現，即可能影響未來監管。
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.
長遠嚟睇，全行要觀察對立故事線點發展。「Crypto兄弟」會唔會當混亂係 meme 文化？主流觀眾會否被嚇怕？無論點，教訓好明顯：政治風波喺數碼金融界帶來真實後果。加密貨幣固然宣傳自己係前瞻科技，但一樣唔會脫離輿論同傳媒現實。大家緊盯住市場係咪今次風波過後能夠重拾穩定，抑或「2025年6月Twitter戰爭」餘波未了。投資者同開發者此後評估風險時，唔單止睇區塊鏈同代碼，仲要預計主角人物的情緒起伏。