During his lawsuit against OpenAI, Elon Musk stated that "some cryptocurrencies have value, but most are scams." This statement came during cross-examination in an Oakland, California court, when the case concerned OpenAI's early plans to raise funds through an ICO (Initial Coin Offering). Musk reportedly pointed out in court that there is a lot of speculation and fraud in the crypto asset space, drawing market attention. It's worth noting that Musk's attitude towards the crypto market has fluctuated significantly over the years: during the 2021 bull market, he pushed Tesla to purchase approximately $1.5 billion worth of Bitcoin and repeatedly mentioned Dogecoin publicly, driving a significant increase in the price of related assets. However, Tesla reduced its Bitcoin holdings by 75% in 2022 and recorded an impairment loss of approximately $222 million on the remaining holdings in the first quarter of 2026. As of the latest financial report, it still holds approximately 11,509 Bitcoins, with a book value of approximately $786 million. (Fortune)