ChainCatcher report: During his deposition in the lawsuit against OpenAI, Musk stated, “Some cryptocurrencies have value, but most are scams.” This comment was made during cross-examination at the court in Oakland, California, where the case involved OpenAI’s earlier consideration of raising funds via an ICO. In response to related questions during the trial, Musk highlighted widespread speculation and fraud in the crypto asset space, drawing market attention. Notably, Musk’s stance on the crypto market has long been highly volatile: during the 2021 bull market, he encouraged Tesla to purchase approximately $1.5 billion in Bitcoin and frequently mentioned Dogecoin, driving significant price increases for these assets. However, Tesla reduced its Bitcoin holdings by 75% in 2022 and recorded an impairment loss of approximately $222 million on its remaining holdings in the first quarter of 2026. As of the latest financial report, Tesla still holds about 11,509 Bitcoin, with a book value of approximately $786 million.
Elon Musk Claims 'Most Cryptocurrencies Are Scams' in OpenAI Trial
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Summary
Elon Musk claimed "most cryptocurrencies are scams" during a trial in Oakland, California, related to OpenAI’s early funding plans. His comments reflect ongoing concerns about speculation and fraud in the crypto market. In 2021, he supported Tesla’s $1.5 billion Bitcoin purchase and promoted Dogecoin, an altcoin to watch. Tesla later sold 75% of its Bitcoin, reporting a $222 million impairment. The company still holds 11,509 Bitcoin, valued at $786 million. Market volatility remains a key issue for altcoins to watch in the crypto market.
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