Musk Says Some Crypto Has Value, but Most Is a Scam
Summary
- Elon Musk said he remains positive on Bitcoin (BTC) and has said that he "likes Bitcoin."
- Musk said that most cryptocurrencies are scams, underscoring broader concerns about the market’s credibility.
- The market is watching how comments from influential figures could affect investor sentiment, individual asset valuations, shifts in future remarks and the broader market reaction.
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Elon Musk, Tesla Inc.’s chief executive officer, reiterated his criticism of the cryptocurrency market, saying some digital assets have value while dismissing most of the sector as fraudulent.
Musk made the remark during testimony at a trial in an Oakland court on May 30, Fortune reported. Asked whether OpenAI had considered raising funds through an initial coin offering, he said “some cryptocurrencies have value, but most are a scam.”
Musk, a co-founder of OpenAI, is known to have been involved in those discussions at the time.
OpenAI has argued that Musk backed plans to raise money through an ICO and knew the organization could eventually convert into a for-profit company.
Sam Altman, OpenAI’s chief executive officer, also participated as a co-founder in the 2023 launch of Worldcoin (WLD).
Market participants are focused on whether the dispute over the remarks and the past actions of high-profile figures will shape views on cryptocurrencies and the broader debate over regulation.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
