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Elon Musk, during a court hearing related to his lawsuit with OpenAI, stated that while some cryptocurrencies hold value, the majority are scams. According to Odaily, this comment was made during cross-examination at the Oakland, California court, where the case involved OpenAI's early consideration of raising funds through an Initial Coin Offering (ICO).

Reports indicate that Musk highlighted the speculative and fraudulent activities prevalent in the crypto asset sector, drawing significant market attention.

Musk's stance on the cryptocurrency market has been notably volatile. In 2021, during the bull market, he influenced Tesla to purchase approximately $1.5 billion in Bitcoin and frequently mentioned Dogecoin, causing significant price surges in related assets. However, in 2022, Tesla reduced its Bitcoin holdings by 75% and recorded an impairment of about $222 million on the remaining holdings in the first quarter of 2026. As per the latest financial report, Tesla still holds approximately 11,509 Bitcoins, with a book value of around $786 million.