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
Art
Culture
5 min read

Emily Young: the sculptor listening as the still stones speak

Unlocking the stillness, from underwater sculpture to St Paul's Cathedral

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

A sculptor works on a carved face emerging from a stone larger than her
Young creating.
Emilyyoung.com

As a painter, Emily Young says she worked relatively quickly in her distinctive surreal style featuring penguins and figures with penguin heads. When she came to sculpture in the 1980s, what she most appreciated was the resistance she felt as she worked, meaning that she ‘had to slow down’ and ‘be super careful’. Right from her first works as a sculptor, the stone was speaking to her, teaching her the value of stillness.     

The stones with which she works still speak to her. The stone ‘tells me what it is willing to do’ and ‘lets me know exactly what it can and cannot do, and I work with that’. ‘The stone’, she says, ‘leads me through into this zone where we’re working together’. Ultimately, she says, ‘what I’m showing is that the relationship between a human and the planet can be very, very respectful, and very, very beautiful’. In this way, she uses the beauty, history, and energy of stone to connect people to the natural world. 

Her respect for the stones is, in part, because she moves ‘through layers of history in the stones’. Because of their age, stones bring ‘messages to us from a time before culture’; ‘nature has been making stones’ for millions of years meaning that ‘they are from deep time’. This is the ‘stillness of stone compared to me as a short-lived human being’. Her work, therefore, involves ‘throwing something out there that is more enduring than soft humans’. 

Her most recent exhibition was entitled ‘Comparative Stillness’. This title was chosen because the way the faces and the bodies she carves ‘always come out, there’s peacefulness there, there’s stillness’. ‘If you sit in this stillness of the stone’, she says, ‘you can find a great joy and a great peace’. She has asked herself, ‘What is it that I’m doing when I’m carving a human head out of stone?’ Her answer is that she is ‘finding an essential core of being alive that has in it, stillness’. ‘It’s the stillness that I’m after’, she says, and ‘out of that stillness come good actions.’ As a result, she says, ‘what I’m completely dedicated to now is to show that we do have access to that stillness and it could be our saving grace’. Everyone, she thinks, ‘should have quiet, kind symbols of internality around them’.  

Describing her symbols, she says that: her discs are translucent, holding light within while symbolising the wholeness of the universe; her heads are never of particular people and are embodied consciousnesses with a sweetness to their closed eyes; and her torsos show the beauty and vulnerability of the female form which holds the capacity to create life. 

The ‘quietness inherent in stone can also found in our consciousnesses’, which is why she speaks of her stone heads as ‘embodied consciousnesses’. She thinks that religion leads towards this same stillness and, therefore, thinks her art is doing a similar job to that which religion does, ‘trying to give value to people’s lives, what you can and can’t do’. Christ, she says, ‘is a particularly fine example of a teacher’. Her works ‘seem at home within the quietness of churches’ because ‘churches are places that have something of time, deep time’. She has made many sculptures for ecclesiastical settings, including St Paul’s Churchyard and Salisbury Cathedral, while exhibitions of her work have been held at St James Piccadilly and St Pancras New Church. 

When I met her, she was in London for the McDonald Agape Lecture in Theology and the Visual Arts 2025. ‘Theology and the Visual Arts: Firming Foundations; Firing Imaginations’ is a five-year project to strengthen the foundations of Theology and the Visual Arts as a discipline within academic Theology, and help to shape its future. The project’s work is showcased to a public audience through major public lectures in an internationally renowned arts venue. 

This year’s lecture put Young in dialogue with US painter, Genesis Tramaine, an expressionist devotional painter deeply inspired by biblical texts. Like Young, Tramaine also creates monumental heads, and both speak of being led as they create their works; Young, by the stories in the stones, and Tramaine, by the Holy Spirit following prayer, worship and study of scripture. By being led in their work, both essentially agreed that, as Tramaine put it, you can't be present when creating, instead you ‘have to trust yourself to the process, surrender, and play in the space’. Whether creating the heads of angels or of saints, both are depicting ‘messengers from heaven’. 

The good actions that have arisen out of stillness for Young include a project to re-diversify the Maremma seabed in Casa dei Pesci. The seabed in this area, as also in many other places, is being destroyed through illegal fishing by dredger trawlers which destroy the seagrass meadows that are the breeding grounds for marine life. A local fisherman Paolo Fanciulli decided to address the problem by asking artists, including Young, to sculpt huge blocks of Carrara marble as, once these lie on the seabed, they make it impossible for the dredger trawlers to operate in the area. 29 sculptures, including four Stone Guardians by Young, form the Talamone Underwater Museum, which has seen ‘the trawlers go away’ and ‘the seabed diversify’ once again.  

Young also creates large sculptures in the grounds of Convento di Santa Croce, the ruined monastery in Tuscany where she now lives. She says she has ‘been quiet’ and ‘become reclusive’ living there because the place itself is ‘really peaceful and quiet’ with a ‘handmade stillness to everything’. When the rains come, ‘bits of the steep hills fall away’ revealing ancient stones formed of volcanic materials, while caves which had fallen in on themselves have filled up with rainwater creating over time ‘a layered geology’. In this way in this area, ‘the earth is giving great stones to work with’.  

In this delightful, giving place of stillness, she can sit quietly, prayerfully. She notes ‘how difficult it is to find a place of stillness today because of the ‘cacophony of distraction’ we all experience. Her aim is to show the way we are ‘wasting the gift of life’ and to reveal ‘our one consciousness’ in the stillness of stone.   

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