Musk stated in the OpenAI lawsuit trial that "most cryptocurrencies are scams," once again drawing market attention

Musk stated during his court hearing in the lawsuit against OpenAI, "Some cryptocurrencies have value, but most are scams." This remark came during the cross-examination phase at the Oakland court in California, where the case involved OpenAI's early consideration of a plan to raise funds through an ICO.

In response to related questions during the hearing, Musk pointed out that there is a significant amount of speculation and fraud in the cryptocurrency space, drawing market attention. Notably, Musk's attitude towards the crypto market has shown significant fluctuations over time: during the bull market in 2021, he pushed Tesla to purchase about $1.5 billion in Bitcoin and frequently mentioned Dogecoin publicly, leading to a substantial increase in the prices of related assets. However, Tesla reduced its Bitcoin holdings by 75% in 2022 and recorded an impairment of about $222 million on the remaining holdings in the first quarter of 2026. As of the latest financial report, it still holds approximately 11,509 Bitcoins, with a book value of about $786 million.