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.
Frequently asked questions
-
What specific crypto assets did Musk imply have merit?
Musk did not specify which crypto assets he believes have merit during his testimony.
-
How has Musk's involvement with crypto impacted market perceptions?
Musk's past actions, such as Tesla's Bitcoin purchase and comments on Dogecoin, have significantly influenced market perceptions and prices.
TheBlock
CoinTelegraph
CoinDesk
CryptoSlate