{"id":96715,"date":"2026-05-01T11:04:02","date_gmt":"2026-05-01T08:04:02","guid":{"rendered":"https:\/\/u1f987.com\/en\/?p=96715"},"modified":"2026-05-01T11:05:20","modified_gmt":"2026-05-01T08:05:20","slug":"elon-musk-labels-most-cryptocurrencies-as-scams","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/elon-musk-labels-most-cryptocurrencies-as-scams\/","title":{"rendered":"Elon Musk Labels Most Cryptocurrencies as Scams"},"content":{"rendered":"

During a court hearing<\/a> against OpenAI, Elon Musk, the head of Tesla and SpaceX, stated that he considers most cryptocurrencies to be fraudulent projects. This was reported by Fortune<\/a>, citing the session in Oakland.<\/p>\n

The billionaire’s comment came in response to a request to clarify his stance on digital assets\u2014a question that arose in the context of discussing the AI company’s plans for an ICO<\/a> in 2018. At that time, the firm was considering issuing its own token to raise funds.<\/p>\n

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\u201cSome [cryptocurrencies] have value, but most are just scams,\u201d said Musk.<\/em><\/p>\n<\/blockquote>\n

A Change in Stance<\/h2>\n

Previously, the entrepreneur was considered a supporter of digital assets. In 2021, Tesla became one of the first public companies to add<\/a> Bitcoin to its corporate reserves, although Musk himself described<\/a> the $1.5 billion investment as risky.<\/p>\n

In the spring of the same year, the firm began<\/a> selling electric cars for digital gold. Musk suggested that one day it might be possible to purchase a car with the meme coin Dogecoin<\/a>, which he also repeatedly endorsed<\/a>.<\/p>\n

A few months later, Tesla suspended<\/a> the option to pay with Bitcoin due to concerns about the environmental impact of mining the coin. The company still holds over 11,000 BTC worth $886 million.<\/p>\n

\"image\"
Source: Arkham<\/a>.<\/figcaption><\/figure>\n

SpaceX also holds 8,285 BTC valued at $638 million, according to Arkham<\/a>.<\/p>\n

Community Reaction<\/h2>\n

Users criticized Musk for hypocrisy. A user with the nickname Marcus recalled the sharp rise in DOGE prices every time the billionaire mentioned the coin.<\/p>\n

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The man who pumped Dogecoin to a $90 billion market cap calling crypto scams \ud83e\udd26\ud83c\udffe\u200d\u2642\ufe0f<\/p>\n

The audacity has no ceiling\u2026<\/p>\n

\u2014 M\u0305\u0332A\u0305\u0332R\u0305\u0332C\u0305\u0332U\u0305\u0332S\u0305\u0332 \ud83e\udd77 (@freshesmarcus) April 30, 2026<\/a><\/p><\/blockquote>\n