Elon Musk told a court deposition in his lawsuit against OpenAI that "some crypto assets have merit, but most of them are scams," according to Fortune. The comments came in response to questions about OpenAI's 2018 plan to issue tokens through an ICO to fund its nonprofit operations.
Why it matters
The remark marks a sharp rhetorical break for a CEO who once moved crypto markets with a single tweet. Tesla disclosed a $1.5 billion Bitcoin purchase in early 2021, and Musk's commentary repeatedly sent Dogecoin sharply higher — yet the company sold roughly 75% of its crypto holdings in 2022. The deposition language reframes a man who profited from the sector's attention as a skeptic on the record.
Market impact
The substance is older — Musk's evolving posture on crypto has been visible for years — but the legal-record venue gives the quote a durability a tweet never had. Expect the line to resurface in every future regulatory and policy debate where Musk is cited, even though it is unlikely to move price on its own.
Frequently asked questions
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What did Elon Musk say about crypto in the OpenAI lawsuit?
In a deposition tied to his lawsuit against OpenAI, Musk said "some crypto assets have merit, but most of them are scams," according to Fortune. The comments were prompted by questions about OpenAI's 2018 ICO plan.
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Why was Musk asked about crypto in the OpenAI case?
The questioning focused on OpenAI's 2018 plan to issue tokens via an ICO to fund its nonprofit operations — a proposal Musk was apparently asked to address under oath.
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Did Tesla still hold Bitcoin when Musk made these comments?
Tesla sold roughly 75% of its crypto holdings in 2022, well after its $1.5 billion Bitcoin purchase disclosed in early 2021. Musk's remark lands years after Tesla cut that position.
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How does this differ from Musk's past crypto comments?
Musk previously lifted crypto markets with personal commentary, especially around Dogecoin and Bitcoin. The deposition quote reframes him as a skeptic on the legal record rather than a promoter on social media.
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Will Musk's deposition quote move crypto prices?
The substance of his evolving stance is older and already priced in. The legal-record venue makes the quote more durable for future regulatory and policy debates, but it is unlikely to drive an immediate market reaction on its own.
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