Elon Musk Comments on Cryptocurrency at OpenAI Hearing: 'Some Make Sense, Most Are Scams'

Chainthink

Release Time: 04/30/2026 15:55:48

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Summary

On-chain news broke on April 30, 2026, when Elon Musk commented on cryptocurrency during an OpenAI hearing, stating, "Some make sense, but most are scams." The remarks came in response to questions about OpenAI’s 2018 ICO plan, which Musk had supported. OpenAI noted that he understood the nonprofit might transition to a for-profit model. Musk’s position has shifted from supporting cryptocurrency—including Tesla’s 2021 Bitcoin purchase—to a more skeptical stance. Cryptocurrency news continues to evolve as major figures reassess the space.

ChainThink reports that on April 30, according to Fortune magazine, Musk commented on cryptocurrency during the OpenAI hearing, saying, "Some of them make sense, but most are scams."

This statement stems from court inquiries regarding OpenAI's 2018 ICO fundraising plan, which aimed to raise funds for the then-nonprofit organization through an initial coin offering (ICO).

OpenAI stated that Musk has always understood that OpenAI might eventually become a for-profit company, and in a blog post, claimed that Musk supported OpenAI’s plan to raise funds through an ICO, which would involve establishing a for-profit subsidiary.

Musk's statements during this hearing demonstrated his ambivalent attitude toward digital assets.

Musk was previously a public supporter of cryptocurrency and led Tesla's $1.5 billion investment in Bitcoin in 2021, but Tesla sold 75% of its holdings in mid-2022.

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