Elon Musk said most cryptocurrencies are “scams” during his Thursday testimony in the OpenAI trial, according to a reporter covering the case.<\/p>\n
Musk\u2019s Response To Initial Coin Offering Question<\/p>\n
Mike Isaac, a tech reporter from The New York Times, quoted Musk explaining cryptocurrency to the jury in the Federal Courthouse in downtown Oakland.<\/p>\n
\u201cSome of them have merit, but most of them are scams,\u201d Musk was quoted as saying.<\/p>\n
The comment was in response to a question about OpenAI\u2019s reported plans to raise funds through an initial coin offering\u2014a cryptocurrency-based fundraising\u2014in 2018, Issac said.<\/p>\n
Benzinga couldn\u2019t independently verify Musk\u2019s statements. Tesla, SpaceX and xAI didn\u2019t immediately return requests to confirm.<\/p>\n
Musk\u2019s Hot And Cold Crypto Relationship<\/p>\n
Musk\u2019s views on cryptocurrency have been a topic of discussion for a while. During a Joe Rogan podcast in 2025, he compared investing in meme coins to playing in a casino<\/a>, suggesting that expecting to win in either case is foolish. He also warned against pouring life savings into such assets.<\/p>\n The OpenAI Lawsuit<\/p>\n Musk has sued OpenAI for $150 billion in damages, alleging that co-founders Sam Altman and Greg Brockman betrayed the start-up\u2019s founding non-profit mission by turning the organization into a for-profit entity.<\/p>\n Musk invested in the company before quitting in 2018 due to a disagreement over its direction.<\/p>\n Disclaimer:\u00a0This content was partially produced with the help of\u00a0AI tools\u00a0and was reviewed and published by Benzinga editors.<\/p>\n Photo courtesy: Shutterstock.com<\/p>\n