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Elon Musk stated in the OpenAI lawsuit trial that "most cryptocurrencies are scams," once again drawing market attention.
ChainCatcher news: During his lawsuit trial with OpenAI, Elon Musk said, “Some cryptocurrencies have value, but most are scams.” The remark came during cross-examination at the Oakland, California court. At the time, the case involved OpenAI’s early plan to raise funds through an IC0.
In responding to related questions at 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 fluctuations: during the 2021 bull market, he pushed Tesla to buy about $1.5 billion worth of Bitcoin, and he publicly mentioned Dogecoin multiple times, driving a sharp rise in the prices of related assets. However, Tesla reduced its Bitcoin holdings by 75% in 2022 and, in the first quarter of 2026, recorded an impairment of approximately $222 million on its remaining holdings. As of the latest financial report, it still holds about 11,509 Bitcoins, with a book value of approximately $786 million.