According to Fortune, Elon Musk stated during the trial of the lawsuit against OpenAI, "Some cryptocurrencies have value, but most are scams." This remark stemmed from questions in court regarding OpenAI’s 2018 ICO fundraising plan. Musk accused OpenAI of abandoning its nonprofit mission after entering a commercial partnership with Microsoft, claiming it had "stolen a charity"; OpenAI countered that Musk was always aware the organization might transition into a for-profit entity. Notably, Musk’s stance on cryptocurrencies has been contradictory: he previously championed Bitcoin and Dogecoin during the pandemic, spearheading Tesla’s $1.5 billion Bitcoin purchase in 2021, yet sold 75% of his holdings in 2022, partially missing out on the 2024 bull market when Bitcoin surged past $125,000. As of Q1 2026, Tesla’s remaining 11,509 Bitcoin holdings are valued at approximately $786 million, representing a significant unrealized gain compared to its $386 million purchase cost.
Elon Musk Testifies: Most Cryptocurrencies Are Scams, Except Bitcoin
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Summary
Elon Musk recently made headlines in Bitcoin news, testifying in a lawsuit against OpenAI where he claimed most cryptocurrencies are scams, with Bitcoin as the exception. The comment emerged during a discussion about OpenAI’s 2018 ICO proposal. Musk criticized OpenAI for abandoning its nonprofit origins after partnering with Microsoft, calling it a betrayal. OpenAI responded by stating that Musk had always been aware the company could become for-profit. His views on Bitcoin and crypto have been inconsistent: he supported both Bitcoin and Dogecoin, had Tesla purchase $1.5 billion in Bitcoin by 2021, then sold 75% in 2022. As of Q1 2026, Tesla still holds 11,009 Bitcoin, valued at $786 million—up sharply from its $386 million cost.
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