Elon Musk stated in the OpenAI lawsuit trial that "most cryptocurrencies are scams," once again drawing market attention.

ChainCatcher message: During his court trial with OpenAI, Elon Musk stated, “Some cryptocurrencies have value, but most are scams.” The remark came during cross-examination at the Oakland, California court, when the case involved OpenAI’s early consideration of a plan to raise funds through IC0.

In response to related questions during the trial, Musk pointed out that there is a great deal of speculation and fraud in the crypto asset space, drawing market attention. Notably, Musk’s stance toward the crypto market has long shown clear volatility: during the 2021 bull market, he pushed Tesla to purchase about $1.5 billion worth of Bitcoin and mentioned Dogecoin publicly multiple times, driving the prices of related assets significantly higher. However, in 2022, Tesla reduced its Bitcoin holdings by 75%, and in the first quarter of 2026, it recorded an impairment of approximately $222 million on its remaining holdings. As of the latest financial report, it still holds about 11,509 Bitcoin, with a carrying value of approximately $786 million.