During testimony in his lawsuit against OpenAI, Elon Musk stated that 'some crypto assets have merit, but most are scams' — the comment came in response to questions about OpenAI's 2018 plan to fund its nonprofit operations through a token ICO.
The remarks land with some irony given Musk's own history with the sector: Tesla made a $1.5 billion Bitcoin purchase in 2021, and his public commentary has repeatedly moved Dogecoin's price. Tesla then sold roughly 75% of its crypto holdings in 2022, citing liquidity concerns at the time.
The statement is unlikely to move markets materially, but it adds to a mixed public record and gives ammunition to critics of speculative token issuance.
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Musk: “Some Crypto Assets Have Merit, but Most of Them Are Scams”
According to Fortune, during his lawsuit against OpenAI, Elon Musk said that “some crypto assets have merit, but most are scams,” in response to questions about OpenAI’s 2018 plan to issue tokens via an ICO to fund its nonprofit operations. Despite previously supporting the sector, including Tesla’s $1.5 billion Bitcoin purchase in 2021 and his influence on Dogecoin, Tesla sold about 75% of its crypto holdings in 2022.
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