Mike

Tesla

Elon Musk

Tesla (NASDAQ: TSLA) CEO Elon Musk has always been championed as being pro-crypto.&nbsp;
But a recent reported comment in a court hearing is leaving the crowd puzzled.
Musk, who co-founded OpenAI in 2015, is suing the company for allegedly breaching its founding mission of being non-profit after it struck an investment deal with Microsoft and pivoted toward commercial products.
OpenAI has maintained that Musk always understood the organisation could eventually evolve into a for-profit entity.
The trial is taking place in Oakland, California, and is currently on its fourth day as of April 30.&nbsp;&nbsp;
<a href="https://www.thestreet.com/crypto/investing/how-to-traded-bitcoin-musk-wood-dorsey-b-word-conference-july-2021" rel="noopener noreferrer nofollow">Related: Can Elon Musk, Cathie Wood and Jack Dorsey Save Bitcoin?</a>
<h2 id="musk-s-crypto-history">Musk's crypto history</h2>
During the pandemic-era bull run, Musk was among crypto's most high-profile cheerleaders.
Tesla purchased <a href="https://www.thestreet.com/crypto/markets/tesla-did-not-increase-its-bitcoin-holdings" rel="noopener noreferrer nofollow">$1.5 billion in Bitcoin in early 2021</a>, making it one of the earliest public companies to use its corporate balance sheet to buy crypto.
Around the same time, Musk's tweets about <a href="https://www.thestreet.com/crypto/markets/dogecoin-founder-sends-harsh-response-to-elon-musk-over-x-algorithm" rel="noopener noreferrer nofollow">Dogecoin</a> (DOGE), a meme token, helped propel its value dramatically upward.
Tesla subsequently sold 75% of its Bitcoin holdings in mid-2022.
As of&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1318605/000162828026026673/tsla-20260331.htm" rel="noopener noreferrer nofollow">March 31, 2026,</a> the majority of Tesla's remaining digital assets comprised of 11,509 BTC held at an acquisition cost of $386 million.
His other major venture, SpaceX, holds approximately 8,285 BTC valued at around $631.58 million as of April 30, according to <a href="https://intel.arkm.com/explorer/entity/spacex" rel="noopener noreferrer nofollow">Arkham</a> data.
<h3 id="more-from-thestreet-roundtable">More from TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/book-review/changpeng-zhao-has-some-scores-to-settle-in-freedom-of-money" rel="noopener noreferrer nofollow">Changpeng Zhao has some scores to settle in 'Freedom of Money'</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/coinbase-ceo-proposes-surprising-fix-to-60b-remittance-fees" rel="noopener noreferrer nofollow">Coinbase CEO proposes surprising fix to $60B remittance fees</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/white-house-advisor-teases-major-update-on-bitcoin-reserve-plan" rel="noopener noreferrer nofollow">White House advisor teases major update on Bitcoin reserve plan</a></li>
</ul>
<h2 id="musk-comments-about-cryptocurrencies">Musk comments about cryptocurrencies</h2>
<a href="https://fortune.com/2026/04/30/elon-musk-bitcoin-crypto-scams/" rel="noopener noreferrer nofollow">Fortune</a>, citing a tweet from New York Times reporter Mike Isaac, reported that&nbsp;Musk said&nbsp;during Wednesday's court session,&nbsp;
"Some of them have merit, but most of them are scams."&nbsp;&nbsp;
The comment apparently was made in the context of OpenAI's <a href="https://www.coindesk.com/markets/2026/01/17/elon-musk-once-backed-a-usd10-billion-openai-ico-internal-notes-show" rel="noopener noreferrer nofollow">short-lived 2018 plans</a> to raise funds through an initial coin offering, or ICO. It is a fundraising method where crypto projects sell tokens to the public.&nbsp;
In a<a href="https://openai.com/index/the-truth-elon-left-out/" rel="noopener noreferrer nofollow"> blog post</a>, OpenAI claimed Musk himself supported the ICO plan, which would have involved creating a for-profit subsidiary.
<a href="https://www.thestreet.com/crypto/markets/musk-has-two-harsh-words-for-sam-altman" rel="noopener noreferrer nofollow">Related: Elon Musk calls OpenAI founder 'Scam Altman'</a>

Elon Musk reportedly labels most cryptocurrencies as 'scams'

Table of Contents

TheStreet Roundtable

Other articles published on Apr 30, 2026

Join our free newsletter for daily crypto updates!