TechFlow News, April 30: According to a Fortune report, Elon Musk stated during the trial of his lawsuit against OpenAI that “some cryptocurrencies have value, but most are scams.” This comment arose in response to courtroom questioning about OpenAI’s 2018 ICO fundraising plan. Musk accused OpenAI of abandoning its original nonprofit mission after entering a commercial partnership with Microsoft, calling it “the theft of a charitable organization”; OpenAI countered by asserting that Musk had always been aware the company might transition into a for-profit entity.
Notably, Musk’s stance on cryptocurrencies has been contradictory: During the pandemic, he vigorously promoted Bitcoin and Dogecoin, spearheading Tesla’s $1.5 billion Bitcoin purchase in 2021—yet in 2022, he sold 75% of Tesla’s Bitcoin holdings, partially missing out on Bitcoin’s bull run in 2024, when its price surged past $125,000. As of Q1 2026, Tesla’s remaining 11,509 Bitcoins were valued at approximately $786 million, representing a substantial unrealized gain over the $386 million acquisition cost.
