Musk stated in the OpenAI lawsuit trial that "most cryptocurrencies are scams," once again drawing market attention
By: rootdata|2026/05/01 00:42:02
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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 btc-42">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.
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