Musk claims that "most cryptocurrencies are scams," but some cryptocurrencies have value.

CoinFeed reported on April 30th that, according to Fortune magazine, Elon Musk, during his trial against OpenAI, was asked how he would explain cryptocurrency to a jury. He stated, "Some cryptocurrencies have value, but most are scams." This response stemmed from OpenAI's early consideration of raising funds through an ICO (Initial Coin Offering). Musk has also been accused of supporting such ICO plans. The report points out that Musk previously publicly supported crypto assets during the bull market, driving Tesla to purchase $1.5 billion worth of Bitcoin in 2021 and repeatedly posting articles that boosted Dogecoin's price. Tesla sold approximately 75% of its Bitcoin in 2022, currently holding approximately 11,509 coins. After a $222 million impairment charge in the first quarter according to regulatory filings, the remaining value is still approximately $786 million.