Elon Musk Calls Most Cryptocurrencies “Scams” at OpenAI Trial, Praises Bitcoin

Quick overview

Elon Musk drew attention during his testimony at the Musk v. Altman OpenAI trial in Oakland, California, when he talked about cryptocurrency as part of OpenAI’s early fundraising plansWhen asked about a 2018 plan for an Initial Coin Offering (ICO), Musk told the jury:ry:

LATEST: ⚡ Elon Musk told a jury in his OpenAI lawsuit that some cryptocurrencies have merit, but "most of them are scams."@ChainWatcher2 pic.twitter.com/JC1JkE6ztj

— ChainWatcher (@ChainWatcher2) May 1, 2026

“Some of them have merit, but most of them are scams.”

He pointed to Bitcoin as having real value, which matches his long-held view of BTC as a store of value and the fact that Tesla and SpaceX hold it.

Trial Context

Musk’s comments came amid his accusations that Sam Altman and OpenAI betrayed the original nonprofit mission through a “bait-and-switch” to a for-profit model heavily influenced by Microsoft. The civil trial, which could reshape OpenAI’s governance, has stretched into early May 2026.

Crypto Market Reaction

Musk’s comments led to only small, short-term price changes, since his strong support for Bitcoin and skepticism toward most altcoins and ICOs is already well-known. Dogecoin had some minor price swings after being mentioned, but there was no lasting increase. Many Bitcoin supporters agreed with calling most cryptocurrencies “scams,” while altcoin fans pointed out Musk’s ongoing promotion of DOGE for its utility and entertainment value.

Musk’s Overall Crypto View

• He strongly supports Bitcoin, seeing it as digital gold.
• Actively promoteHe actively promotes Dogecoin for payments and entertainment, with possible connections to X and SpaceX.er tokens and ICOs as highly speculative or fraudulent.

2026 Outlook

Musk’s testimony shows he still believes in “Bitcoin yes, most crypto no,” and does not suggest any big change in his views. While the trial is mainly about OpenAI and xAI, his comments highlight the gap between established assets like Bitcoin and more speculative projects. Crypto markets are still influenced more by big-picture trends, ETF activity, and regulatory news than by individual opinions.

The trial is still making headlines, and Musk’s comments about crypto add to the wider debate about real-world use versus hype in digital assets.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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