Mr. Mask’s comments about cryptocurrencies are once again drawing attention. In fact, his stance hasn’t been consistent.

During a trial involving OpenAI, Mr. Mask told the jury, “Most cryptocurrencies are scams, but some do have value.” While that’s an interesting statement in itself, looking at his past actions reveals contradictions so severe that even the phrase “Mask scam” has been used.

In 2021, Tesla bought $1.5 billion worth of Bitcoin, and Mr. Mask repeatedly posted to help raise the price of Dogecoin. At the time, the market was bullish, and he openly supported crypto assets. But in 2022, the situation changed—Tesla sold about 75% of its Bitcoin holdings. It now holds only about 11,509 coins.

What lies behind this reduction in position? According to filings submitted to regulators, even after recording an impairment loss of $222 million in the first quarter, the remaining holdings are valued at about $786 million. In other words, the original investment decision hasn’t necessarily worked out.

There’s also criticism of “Mask scam,” which may be because this sudden flip from bullish to bearish sentiment harmed market participants’ trust. If he truly believed there was value, why did he sell so abruptly? The market is raising questions like that.

In the end, Mr. Mask’s stance on cryptocurrencies suggests that it may fluctuate greatly depending on market sentiment and the company’s financial situation. I think this is an important point to consider when making investment decisions.