elon musk on crypto - Elon Musk Testifies: Most Cryptocurrencies Are Scams, Except Bitcoin
According to Fortune, Elon Musk stated during the trial of the lawsuit against OpenAI, "Some cryptocurrencies have value, but most are scams." This remark stemmed from questions in court regarding OpenAI’s 2018 ICO fundraising plan. Musk accused OpenAI of abandoning its nonprofit mission after entering a commercial partnership with Microsoft, claiming it had "stolen a charity"; OpenAI countered that Musk was always aware the organization might transition into a for-profit entity.Notably, Musk’s stance on cryptocurrencies has been contradictory: he previously championed Bitcoin and Dogecoin during the pandemic, spearheading Tesla’s $1.5 billion Bitcoin purchase in 2021, yet sold 75% of his holdings in 2022, partially missing out on the 2024 bull market when Bitcoin surged past $125,000. As of Q1 2026, Tesla’s remaining 11,509 Bitcoin holdings are valued at approximately $786 million, representing a significant unrealized gain compared to its $386 million purchase cost.Source:Show originalDisclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.
