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Elon Musk Says Most Crypto Assets Are Scams, but X Launches New Crypto Trading Terminal

Elon Musk told a jury in Oakland that most crypto assets are scams while testifying in a civil case against OpenAI, marking a significant shift from his previous stance as one of the sector's vocal supporters for years.

Tesla and SpaceX CEO made this statement when asked about OpenAI's plans in 2018 to raise funds through an initial coin offering (ICO), according to a report by New York Times journalist Mike Isaac.

Sharp Turn from Vocal Crypto Advocate

Musk, during 2020 to 2021, moved markets through tweets and corporate purchases. Tesla bought Bitcoin
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worth $1.5 billion in 2021, becoming one of the first major public companies to hold crypto assets on their balance sheet.

Musk's posts about Dogecoin
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repeatedly pushed the meme coin's price to new all-time highs that same year. The billionaire also confirmed in various previous interviews that he owns Bitcoin, Ethereum
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, and Dogecoin.