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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 said, “Some cryptocurrencies have value, but most are scams.” The remark came during cross-examination at the Oakland court in California, when the case involved OpenAI’s early consideration of a plan to raise funds through IC0 financing.
When responding to related questions in court, Musk pointed out that there is a lot 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 approximately $1.5 billion worth of Bitcoin and repeatedly mentioned Dogecoin publicly, driving the prices of related assets sharply higher. However, in 2022, Tesla reduced its Bitcoin holdings by 75%, and in the first quarter of 2026, it recorded an impairment of about $222 million on its remaining holdings. As of the latest financial report, it still holds approximately 11,509 Bitcoin, with a book value of about $786 million.