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According to Fortune magazine, Musk mentioned cryptocurrencies at the OpenAI hearing, saying that some cryptocurrencies “make sense, but most are scams.” According to Foresight News, the remark stemmed from a court inquiry into OpenAI’s 2018 ICO fundraising plan, which aimed to raise funds for the then-nonprofit organization through an initial coin offering (ICO). OpenAI said that Musk has always understood that OpenAI could eventually develop into a for-profit company. In a blog post, it stated that Musk supported OpenAI’s plan to raise funds through an ICO, which would involve establishing a for-profit subsidiary. Musk’s remarks about cryptocurrencies at the OpenAI hearing showed the billionaire’s wavering attitude toward digital assets. Musk had previously been a public supporter of cryptocurrencies; in 2021, he led Tesla to invest $1.5 billion to buy Bitcoin, but in mid-2022, Tesla sold 75% of its holdings.