2025年6月初，美國總統唐納·川普與Tesla/SpaceX執行長伊隆·馬斯克之間爆發史詩級公開衭裂，對金融市場——包括加密貨幣——帶來劇烈衝擊。兩人最初因川普標誌性的“一個偉大美麗法案”稅收與支出立法發生爭執，很快就演變為個人層級的Twitter與Truth Social罵戰。
川普與馬斯克先後針對赤字問題、電動車法規，甚至是艾普斯坦事件彼此開火，社群媒體和各大新聞平台隨即捲入討論。這場鬧劇正值比特幣大幅賣壓出現、其他加密貨幣同步下跌，市場波動性急升，投資人信心動搖。
本文以富比士專題式解析，細數川普與馬斯克公然衝突的經過與直接衝擊，並拆解其對加密貨幣生態圈的五大關鍵影響——從幣價崩跌到投資人信心動搖，未來展望蒙上陰影。
支出法案引爆公開衝突
爭端自馬斯克高調批評川普提出的支出法案開始，稱其為“龐大、荒謬、充滿利益輸送的國會怪物”。馬斯克直指這項名為“一個偉大美麗法案”的法案，將導致赤字大增，也否定川普自身設立的“政府效率部門”(DOGE)所做努力。過去視馬斯克為盟友兼顧問的川普，隨即強勢反擊。
6月5日，川普總統在白宮活動上公開回應，強調特斯拉曾受惠於政府補貼，並警告馬斯克因知曉政府即將撤銷其力主廢除的電動車法規，所以“惱羞成怒”。
當天下午，川普在Truth Social連番發文，痛批馬斯克：“伊隆越來越難伺候……最後他徹底失控啦！”他喊話，“我已經撤消他的電動車法案了”，並暗示馬斯克是出於個人憤怒。他還補刀說，最快的政府支出刪減方式，就是“終止伊隆所有政府補貼與合約”，每年可省下“數十億美元”。
這一系列發言，與過去川普對馬斯克創新的公開讚賞形成鮮明對比，如今顯然已準備公開壓制馬斯克。
馬斯克猛烈反擊
伊隆‧馬斯克則在Twitter連發數則批判貼文迅速還擊。面對川普攻擊，他直接打臉：“這麼低劣的謊言。太可悲。”接著嘲諷：“事情變得越來越精彩了……來呀，讓我見識一下”，公然挑戰川普真的終止SpaceX與特斯拉合約。
馬斯克更在下午3:10發推聲稱川普“卷入艾普斯坦檔案”，並丟出“祝你愉快，DJT！”的話，暗示政敵刻意壓住有關艾普斯坦的相關資料，讓這場衝突升級。
幾分鐘後，馬斯克又轉向SpaceX業務，在X發文：“鑒於總統關於終止政府合約的聲明，@SpaceX將立刻開始退役Dragon太空船。”考慮到現階段Dragon膠囊是NASA現役唯一送美國太空人上軌道的載具，這威脅尤其犀利。數小時後，馬斯克又澄清不致真正終止Dragon計畫。
儘管如此，馬斯克一連串痛批川普謊言、預測關稅將引爆經濟衰退、炒作#Epstein等貼文，構成兩大巨頭間空前激烈的網路對決。
市場連環震盪與政壇回應
兩人你來我往，市場驚恐大跌。2025年本來壓力沉重的特斯拉股價6月5日單日重挫逾14%，市值一日蒸發逾1,500億美元。川普旗下DJT上市公司跌幅更慘。加密市場同步大幅下滑：比特幣跌破十萬美元，CoinDesk 20指數當天下挫近5%。
一直跟馬斯克密切相關的狗狗幣挫跌約9%，而一款川普題材Solana代幣更與爭議共跌雙位數。
白宮則極力淡化情勢。發言人Karoline Leavitt說這起“Twitter戰爭只是馬斯克的不愉快插曲”，認為馬斯克只是對方案內容不滿，表示“總統專注推動歷史性法案，讓國家再次偉大”。
市場分析師則稱其影響異常：Wedbush一位策略師直言，看到合作友誼分崩離析令人錯愕，警告“馬斯克/川普戰爭”可能改變馬斯克公司未來監管格局。
另有分析師指出，24小時內約9.79億美元槓桿加密倉位被清算，顯示市場波動異常狂躁。
當晚，川普接受Politico訪問口氣明顯和緩，稱“關於爭端沒關係了”，再度聚焦政策優先事項。馬斯克同樣降溫——聽取對沖基金大亨比爾·阿克曼建議“冷靜點”，稍後澄清不會拆掉Dragon膠囊。
但傷害已造成：這場公開爆炸成為從東京到華爾街的全球頭條，Twitter戰一天內抹去馬斯克身家數百億美元（僅次於2021年特斯拉股災），其旗下一系列計畫也蒙上陰影。
對加密貨幣市場的五大影響
隨著川普與馬斯克矛盾延燒，加密投資人愈發緊張。事件凸顯了加密市場對宏觀消息與政治戲劇的極度敏感。以下是本次衝突對加密生態圈帶來的五大主要衝擊：
投資人信心受創
第一時間直接衝擊，就是投資人恐慌和不確定感激增。
市場情緒指標轉為悲觀：CoinDesk報導比特幣週四晚下挫4%以上，路透指出“比特幣價格隔夜暴跌4%”，將市場推至冷點。翌日加密恐慌與貪婪指數已由一週前的“貪婪”（61分）跌至中段40多分，顯示市場心理由樂觀轉為中立至恐懼。交易員和基金經理直指這場網路大戲令買盤卻步。根據鏈上數據分析公司Glassnode，長期持幣者開始出貨應對行情，顯示政治動盪下新利多難尋。
實際面上，市場甚至出現恐慌性拋售。
大量加密倉位被解除；CoinTelegraph指出，比特幣多單24小時清算金額超過3.08億美元。連老練的多頭也承認部分拋售來自新聞刺激。一位分析師稱，在比特幣衝高至近10.6萬美元後又隨著“馬斯克-川普效應”劇降，交易員完全錯誤判斷。簡言之，此事件短暫打壞信心，也再度證明加密市場高度波動、極受新聞面影響。
價格波動急速加劇
除信心面外，幣價波動快速放大。主流幣狂烈震盪：CoinTelegraph直指，比特幣數小時內在10～10.5萬間反覆拉鋸，CoinDesk則指Solana與SUI齊跌逾7%。
以太幣單日跌幅超7%、狗狗幣9%、XRP跌4%。梗幣及次主流幣大多回吐前波漲幅。其中一款川普主題Solana梗幣在市場紛亂中暴跌近10%，收在9.82美元，投機價值被重擊。
強制清算加劇了波動幅度。Benzinga報導，本輪行情有近9.8億美元加密倉位遭強制平倉，其中多單佔8.9億美元。這類保證金追繳大幅加速了殺盤，因交易所以防爆倉主動撤倉。
一度，據CoinGlass，爭議爆發24小時內超過22萬加密交易員被強平。
連一向抗跌的穩定幣也難以維持正常錨定，有些演算法在躁動中失靈。
實時盤中震盪讓投資人進退失據。有華爾街交易員直言，每一次推文都引發新一輪波動。一基金經理表示，每當馬斯克或川普一句暗示，市場立刻起伏——馬斯克喊項目出問題，買家即閃現賣壓；川普威脅馬斯克財富，市值再度顫抖。整體來看，這場糾紛讓加密價值評價充滿新變數。 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.
演算法交易者迅速將額外風險納入考量，進一步加劇市場波動。無論是長期持有者還是當沖交易者，穆斯克與川普的紛爭再次證明，即便是比特幣這類曾被部分人視為「避風港」的代幣，也可能因無關的公眾戲劇事件大幅波動。
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.
這場備受矚目的衝突，也引爆了有關加密貨幣監管的討論，雖然目前還未形成具體規範。國會與監管機構的觀察者注意到這場紛爭凸顯出的零散問題——尤其是政治迷因幣及名人背書的興起。最直接的監管方向，是對加密廣告及相關主張進行更嚴格的審查。
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.
舉例來說，川普積極在 Truth Social 上推廣名為「Official Trump」的 Solana 代幣，將其作為政治聲望的指標，引發外界質疑是否涉及資訊揭露問題及證券交易委員會（SEC）的管轄範疇。同樣地，穆斯克對狗狗幣及相關分叉幣的熱愛也早已吸引監管目光；立法者或會將這次的爭議視為加密市場易受影響人物號召力左右的又一證據。
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.
法律專家告訴路透社，這起事件會促使相關機構加強現有法規的執行。與 2022 年特斯拉推文事件（SEC 因狗狗幣推文懲罰穆斯克）不同，這次並未涉及明顯詐欺，但突顯了部份名人驅動的加密項目的不透明。舉例而言，監管機關或將進一步審視「Official Trump」代幣的發行單位：其為川普陣營極力推崇的 Solana SPAC（股票代號 TRUMP），市場劇烈波動後必然會受到更多關注。同時，共和黨內推動加密的勢力——部分盟友主張「透明」穩定幣——未來內部分歧恐加大，因川普本身的加密企圖另成一格。簡言之，凡是華府相關突發的加密狂熱，往往都會促使監管單位有所行動。
Already, some commentators note that high-profile crypto wins (or chaos) are harder to ignore.
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.
有評論員指出，如今高調的加密貨幣漲勢（或混亂）更加難以忽視。
美國 SEC 和 CFTC 定期就加密風險召開聽證會；穆斯克與川普的衝突勢必成為討論焦點，預料會引發針對規則明確化的進一步呼聲。
In Europe, similar dynamics may play out as regulators watch the U.S. scene.
在歐洲，類似狀況亦可能發生，監管單位同樣密切觀察美國動態。
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.
雖然目前尚無新政策推出，有業內人士推測，美國監管機構將更加密切監控社群媒體帶動的加密炒作。此時機具指標意義：國會正於今夏辯論兩黨合作的穩定幣法案及加密監督。如推特戰爭能左右市場，立法者或許會以此為由，要求更嚴格的市場操縱控管，或至少強化加密產品廣告規範。
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 .
穆斯克與川普的正面交鋒凸顯了加密貨幣生態中一個詭異分支——政治與網絡文化交會之地：迷因幣。以柴犬為形象，穆斯克極力宣傳的狗狗幣（Dogecoin），自四月傳出他將退出 Dogecoin 基金會後即急劇下跌，六月五日再度重挫約 10%，一週累計跌幅超過兩成。事件的時點與爭端吻合，觀察家因此將狗狗幣受挫歸因於穆斯克的動態與公開爭議。更直接的是，川普支持者親自鑄造針對他的代幣與 NFT。Benzinga 強調，隨著劇情發展，Solana 鏈上的「Official Trump」迷因幣幣值亦大跌近一成，與競選團隊聲稱其表現是川普成功「終極指標」的說法大相逕庭。
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，針對事件更直接衍生出新型代幣。加密媒體報導，交易者創建了 Solana 上名為「Kill Big Beautiful Bill」（KBBB）的迷因幣，諷刺川普法案的名稱。
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 幣在短短數小時內市值暴衝至 5300 萬美元，隨即又急跌三成。這類劇烈波動，以及這種類型幣種本身的存在，都突顯了聲譽風險：只要加密世界涉入政治或圈內玩笑，就可能出現大幅價格變動，進而損害整體加密產業的公信力。若這類迷因幣暴跌，外界難免會認為加密貨幣只是一場卡通化的投機遊戲，而非嚴肅金融領域。
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.
對產業來說，這些事件再度證明：迷因驅動的領域，衝擊力往往被放大。投資涉名人特色迷因幣的投資者，如今更需考量偶像（如穆斯克與川普間關係）出現劇變的風險。狗狗幣的近期下跌，被部分市場觀察者形容為「穆斯克效應下滑」；而特朗普幣走弱則反映政治立場變動亦會影響投資胃口。
Long-term, if prominent crypto enthusiasts become embroiled in disputes, it could tarnish the coins they champion.
長遠來看，若加密貨幣領袖捲入爭端，他們所主推的幣種也會受累於形象受損。
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.
狗狗幣或特朗普幣走弱未必毀滅整個加密市場，但會削弱炒作故事。交易者可能會開始思考：若其他話題人物發生衝突，又會如何影響市場？此事說明——幣圈社群始終無法擺脫頭號紅人帶來的聲譽連動風險。
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.
除了短期的價格波動，業界更多人在思考這對信任的長遠影響。加密貨幣之興起，部分原因在於塑造技術推動且超脫政治的形象，但若頻繁與政壇要角糾纏，勢必模糊這種定位。當穆斯克或川普等人物能隨意操動市場波動，散戶就可能把加密貨幣視為高風險、難預測甚至被操縱的標的，進而降低入市意願。有分析師警告，想追求穩定與技術正當性的散戶，對於此類來回拉鋸的戲碼或會心生畏懼。
After all, if industry stalwarts can’t keep the peace, how trustworthy is the ecosystem?
畢竟，連行業領袖都無法維持和諧，這個生態圈的可信度又能有多少？
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.
不過，也有人認為加密社群具備自我修復力。據 Cointelegraph 報導，眼下比特幣本就處於「非常脆弱」階段，有基本面支持者認為獲利了結早該發生，熱度本來就要降溫。換句話說，穆斯克的砲火只是五月漲勢後勢必回檔的催化劑而已。關鍵要看市場恢復平靜的速度：若降溫後價格迅速回升，投資者或許會把這次事件當作雜音一忘了之；反之，若加密貨幣長期低迷、監管加劇、信心持續脆弱，這場衝突就可能留下傷痕。
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).
重要的是，這場糾紛突顯加密社群的核心矛盾：一方面追求廣泛且技術性的自主，但卻極易受到社群紅人影響。歷史已證明，突如其來的推文和媒體事件可以導致幣價閃崩（如 2021 年穆斯克關於狗狗幣的推文）。
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.
現在，現任總統也擁有同樣大幅影響市場的話語權。加密信徒原希望去中心化金融能超脫政黨對立，而川普－穆斯克這齣戲法卻提醒我們：個人魅力（或陰影）依然過度重要。對於去中心化藍圖而言，這次風波也許只是小小顛簸，但其警世意義不容小覷。外界仍會繼續觀察社群能否調適——例如透過改進去中心治理或加強風險教育——還是依舊無法擺脫熱門人物情緒的擺布。
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.
對所有加密市場利害關係人——從個人投資者、機構，到政策制定者——來說，川普－穆斯克這場口水戰是一個生動案例，證明外部戲劇事件如何衝擊市場。近期內，交易者將密切關注雙方關係是降溫還是再度激化。
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.
重要觀察指標包括比特幣及熱門代幣（特別是迷因幣）價格，市場情緒指數變化，以及劇烈波動時期是否出現更多強制平倉。監管單位和立法者也會密切聆聽：若有與加密宣傳、廣告有關的公開談話或申報，或將是加強監管的訊號。
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.
長線而言，整個產業必須關注這些抗衡敘事的最終走向。「幣圈兄弟」是否會將混亂當作迷因文化歡迎，還是主流社會會因亂象敬而遠之？無論如何，一個道理再清楚不過：政治戲劇確實會在數位市場引發現實後果。加密貨幣一向被標榜為技術願景的象徵，但也難以自外於媒體現實與公眾輿論。經歷這次爭端後，市場是否能恢復穩定、還是 2025 年 6 月的推特戰爭持續產生余波，觀察者都在關注。投資人與加密開發者今後評估風險時，已不僅僅根據區塊鏈技術與程式碼，更要納入幣圈明星人物的情緒起伏。