Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind. 

Article
Culture
Feminism
Film & TV
Re-enchanting
6 min read

Why are we so bewitched by witches?

We’re so post-Christian, we’re actually becoming pre-Christian.

Belle is the staff writer at Seen & Unseen and co-host of its Re-enchanting podcast.

In a still from Wicked, the witch stands and looks to the sunset.
Universal Pictures.

I was slowly making my way out of the cinema; squinting at the harsh light, stretching out the aches caused by sitting in one chair for too long, and eavesdropping on a conversation happening just in front of me. It was between two young women and it went like this: 

Woman 1 – I think that witches are to women what the Roman Empire is to men – I think about them at least once a day.  

Woman 2 – Oh, me too. Me too. I think every woman does.  

Woman 1 – yeah, I reckon it’s innate. An inherent part of being a woman is relating to witches. 

Woman 2 – and an inherent part of being a man is being scared of them.  

The conversation went on, but at this point I was in danger of following these strangers to their car - the eavesdropping was getting weird, I had to call it a day. But the snippet of their conversation that I did hear was enough to get my mind whirring, enough to spend the following days wondering if they were right.  

And I must say, I’ve become more than a little sympathetic to their hypothesis.   

As I write this, Wicked, the cinematised tale of two Oz-born witches, has broken a dozen box office records. It is the highest grossing movie adaptation of a stage musical in history, having amassed over $700 million at the box office. It has been nominated for 63 awards, including 10 Tony Awards, 10 Academy Awards and a Grammy.  

Witches have also dominated the literature charts over the past couple of years, with terms such as ‘Romantasy’ and ‘Hex Appeal’ becoming legitimate book categories. On social media, witch-related content has become a phenomenon; the hashtag ‘WitchTok’ not only exists but has been viewed tens of billions of times. In 2024, British actress, Suranne Jones (Dr Foster, Gentleman Jack) released a documentary that investigated the infamous European witch trials. In the same year, Elizabeth Sankey made a documentary about how learning from/about witches helped her recover from severe postpartum mental illness.  

So, you see, the cinema-goers have a point. A deeply convincing one. There’s an undeniable gravitas to the existence of witches – be it in the past or the present, in medieval Europe or in the imagined City of Oz. Whether we shroud them in stereotype (black cats, pointy hats, broomsticks) or strip them of it. We are, in fact, quite captivated by the very concept of witches. I suppose, as usual, I’ve found myself caught up in wondering why this may be.  

Firstly, I agree with what the women in the cinema were getting at – it has an awful lot to do with the female identity. Whether it be factually correct or not, when we think of the mass persecution of witches, we tend to tie it into a larger narrative of historic persecution of women. Particularly outliers - women who could not, or would not, fit neatly into the box of societal expectation. This tendency of ours isn’t without cause, The Hammer of Witches, a popular 1487 publication that gave instruction for seeking out witches, explicitly taught that women were more likely to be working with dark magic. And so, the reclaiming of the term ‘witch’ – in all of its nuances – has often been a feminist act. A means by which so-called ‘feminine’ attributes have been rehabilitated in public discourse and celebrated in popular culture.  

For example, the reason that The Hammer of Witches declares women to be more prone to witchcraft is that they are emotionally weaker than men. Which leads me to recollect that when the American Presidential election was raging on, I scrolled past a thirty-second clip of a man telling an interviewer that he wasn’t going to vote for the then-Republican candidate, Nikki Haley, because women are too emotional to be President. The validity of this idea has been repeatedly debunked but the line of thinking has persisted: women’s (purportedly) larger emotional capacity is a bad thing, a distinct weakness, a doorway to chaos. So, is it any wonder that Wicked - a story in which the protagonist’s emotional sensitivity is the precise key to her wonderous abilities – has had such a profound impact?  

Our re-energised obsession with witches points toward our desire for an enchanted world. 

I also have an inkling that it has something to do with the mystery attached to female physiology. We, as women, are told repeatedly (both explicitly and subliminally) that there is something inherently unknowable about our bodies, something elusive about them. When it comes to our own anatomy, we’re told to simply accept an element of mystery. Again, this is a reason that women have so often been linked with witchcraft - both positively and negatively. The female body confounds us. It sounds kind of lovely, doesn’t it? The idea that our bodies can elude us. But, in reality, this ‘mystery’ is not at all romantic. It’s the reason that there is still no cure for female specific medical conditions such as endometriosis, polycystic ovary syndrome or premenstrual dysphoric disorder.  

And so I wonder, is it less painful to lean into the time-old witchy notion that our ‘mysterious’ bodies were designed to confound medicine than it is to accept the unjust fact that women’s bodies are drastically under-researched? This is certainly a theme woven through Elizabeth Sankey’s afore mentioned documentary about post-partum mental illness.  

So, to sum up, I’m agreeing with my cinema-pals. It’s a feminine thing. Or, perhaps it’s more accurate to say that I’m partly agreeing with them, because I’m of the firm opinion that it’s also a spiritual thing.  

I can’t speak for ages gone by, but I think I can speak for this one – our re-energised obsession with witches points toward our desire for an enchanted world. It’s a symptom of what cultural commentators are calling the ‘re-Pagan-isation’ of our society. The fact that we’re so post-Christian, we’re actually becoming pre-Christian. We long for a world that is alive, a reality that has seen and unseen realms. It’s deep and tenacious craving that sense, materialism, and rationalism simply can’t satisfy. To quote the ever-brilliant Dan Kim, 

 ‘What has ‘sensible’ society given us? For many, it’s been the managed and catastrophic decline into societal disillusionment, a generation of broken promises, and the feeling of being feudal serfs under the dominion of national banks and billionaires while we medicate ourselves to death with algorithmically driven AI slop in the spiritual vacuum of a fragmented and polarised society… And so is it any wonder that people are looking beyond the sensible towards the magical, the mystical, and the Esoteric?’ 

I think Dan’s dead right. He’s referring to the spiritual practice manifestation here, but I think his diagnosis also sheds light on the way that witchcraft is captivating our imagination once again.  

I wonder if women are, and have always been, hungry for affirmation that their femininity (whatever that means to them) is part of them being fearfully wonderfully them – and therefore, something to be celebrated. To feel seen, understood and cherished. But I also wonder if they long for a reality in which they can have embodied spiritual experiences, a reality in which they don’t have to shirk their feminine identity in order to connect with the divine. Where their spiritual cravings are neither dismissed nor demonised and they are liberated to show up as their full selves – bursting with a stubborn inkling that all that they see is not all that there is. 

To sum up, here’s my hunch: those total strangers in the cinema were quite right – witches do capture the imagination of women in a particularly interesting way. And, the more I’ve pondered that, the more I’ve become convinced that the reason why witches are the in-thing once again is anything but trivial.  

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