Tesla Founder Elon Musk Revisits Crypto Views

Elon Musk says some crypto assets have value, while most scams remain, during OpenAI lawsuit hearing this week.

Elon Musk again shared mixed crypto views publicly. He said some crypto assets have merit. However, he said that the majority of them are scams. Therefore, his recent remarks attracted a large market audience across the globe.

Musk Makes Crypto Remarks During Court Hearing

Fortune reported that Musk was speaking in the Oakland courthouse on Wednesday. During his lawsuit with OpenAI, he responded to questions. In the meantime, one of the reporters posted the remarks on social media. Thus, the word went viral.

Musk indicated that there are good crypto assets. However, he cautioned that the majority of them are frauds. His comments followed inquiries regarding OpenAI plans. Those were plans to launch tokens in 2018 in an ICO.

Related Reading: Elon Musk Hires Crypto Veteran Benji Taylor to Lead Design Ahead of X Payments Push | Live Bitcoin News 

An ICO is an Initial Coin Offering. Cryptocurrency teams issue digital tokens to investors in a public sale. In the late 2010s, numerous projects were being funded quickly. However, numerous projects failed to launch.

Due to such failures, ICOs received a negative reputation. Numerous consumers wasted money in poor projects. Thus, the criticism by Musk was on a par with the concerns that have been observed over the years. His caution can serve as a reminder to investors of risks.

Meanwhile, Musk used to be a big proponent of crypto. His social media updates were known to swing token prices. Furthermore, his messages made Dogecoin extremely popular all over the world.

Dogecoin was initially a meme token. However, it was later to become a significant crypto asset. Since Musk spoke of it frequently, merchants kept a close eye on him. Thus, his influence became popular.

Tesla History Shows Changing Bitcoin Strategy

Musk also took Tesla into Bitcoin earlier. In 2021, Tesla purchased 1.5 billion Bitcoin. That was one of the largest company indicators in crypto. Hence, there was increasing mainstream acceptance by many investors.

Tesla later turned things around. The company disposed of approximately 75% holdings in mid-2022. Consequently, Tesla minimized direct exposure drastically. The sale exhibited shifting priorities in uncertain markets.

Bitcoin subsequently surged up following that time. Bitcoin was reported to have surpassed 125,000 in 2024. Thus, Tesla lost part of its profits by selling holdings. Nevertheless, businesses tend to handle cash in different ways.

The latest warning by Musk is also comparable to X. Recently, his platform added anti-scam protections. In April 2026, X included a scam kill switch. Thus, lockouts are activated by suspicious first-time crypto mentions.

The purpose of that feature is to prevent hijacked accounts. Stolen profiles are often used by criminals to provide false links. Due to this, more stringent controls were needed. Users are exposed to numerous phishing attacks every day.

These scams have been augmented by deepfake videos in the recent past. False videos imitate well-known voices and faces. Thus, users should be cautious about all crypto promotions. Before sending money, trusted sources are still significant.

The recent words of Musk can influence opinion once again. Whenever he talks about crypto, markets tend to respond. But this time, he was more wary of what he said. Thus, investors can be concerned with safety.

Overall, Musk demonstrates a moderate stance now. He believes in the value of certain digital assets. However, he is against numerous fraudulent projects. Thus, his message is a combination of encouragement and caution.

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