Elon Musk reportedly labels most cryptocurrencies as 'scams'
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Tesla (NASDAQ: TSLA) CEO Elon Musk has always been championed as being pro-crypto.
But a recent reported comment in a court hearing is leaving the crowd puzzled.
Musk, who co-founded OpenAI in 2015, is suing the company for allegedly breaching its founding mission of being non-profit after it struck an investment deal with Microsoft and pivoted toward commercial products.
OpenAI has maintained that Musk always understood the organisation could eventually evolve into a for-profit entity.
The trial is taking place in Oakland, California, and is currently on its fourth day as of April 30.
Related: Can Elon Musk, Cathie Wood and Jack Dorsey Save Bitcoin?
Musk's crypto history
During the pandemic-era bull run, Musk was among crypto's most high-profile cheerleaders.
Tesla purchased $1.5 billion in Bitcoin in early 2021, making it one of the earliest public companies to use its corporate balance sheet to buy crypto.
Around the same time, Musk's tweets about Dogecoin (DOGE), a meme token, helped propel its value dramatically upward.
Tesla subsequently sold 75% of its Bitcoin holdings in mid-2022.
As of March 31, 2026, the majority of Tesla's remaining digital assets comprised of 11,509 BTC held at an acquisition cost of $386 million.
His other major venture, SpaceX, holds approximately 8,285 BTC valued at around $631.58 million as of April 30, according to Arkham data.
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Musk comments about cryptocurrencies
Fortune, citing a tweet from New York Times reporter Mike Isaac, reported that Musk said during Wednesday's court session,
"Some of them have merit, but most of them are scams."
The comment apparently was made in the context of OpenAI's short-lived 2018 plans to raise funds through an initial coin offering, or ICO. It is a fundraising method where crypto projects sell tokens to the public.
In a blog post, OpenAI claimed Musk himself supported the ICO plan, which would have involved creating a for-profit subsidiary.
