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Elon Musk stated in the OpenAI lawsuit trial that "most cryptocurrencies are scams," once again drawing market attention.
ChainCatcher News, Elon Musk stated during his court trial with OpenAI, “Some cryptocurrencies are valuable, but most are scams.”
This remark was made during cross-examination at the Oakland Court in California, when the case involved OpenAI’s early plans to raise funds through ICOs.
In response to related questions during the trial, Musk pointed out that the field of crypto assets is rife with speculation and fraud, attracting market attention.
It is noteworthy that Musk’s attitude toward the crypto market has shown significant fluctuations over time: during the 2021 bull market, he facilitated Tesla’s purchase of about $1.5 billion worth of Bitcoin and publicly mentioned Dogecoin multiple times, causing related asset prices to surge.
However, Tesla reduced its Bitcoin holdings by 75% in 2022 and recognized an impairment of approximately $222 million on the remaining holdings in the first quarter of 2026.
As of the latest financial report, Tesla still holds about 11,509 Bitcoin, with a book value of approximately $786 million.