The Man Who Made DOGE a Billion-Dollar Asset Said Most Crypto Is a Scam

May 1, 2026

< 1 min read

by Coin Edition

for CoinEdition

The Man Who Made DOGE a Billion-Dollar Asset Said Most Crypto Is a Scam

AI Overview

In an Oakland courtroom during his OpenAI lawsuit, Elon Musk said “most crypto is a scam,” a notable remark given his market-moving role (his tweets helped turn Dogecoin into a multi‑billion‑dollar token) and his firm’s $1.5B Bitcoin purchase in 2021, highlighting market impact and adoption dynamics. The exchange referenced broader crypto risk: Sam Altman’s Worldcoin has plunged ~98% from its peak, underscoring token launch volatility, reputational and regulatory risk for crypto projects and implications for fundraising and adoption.

Bearish

Predictions Markets

See what traders are focused on

View analytics →

Musk said most crypto is a scam under oath, while his tweets made Dogecoin worth billions.
The comment came during his OpenAI lawsuit against Sam Altman in an Oakland courthouse now.
Worldcoin Altman’s crypto project has lost 98% of its peak value, adding context to the clash.

Elon Musk was sitting in an Oakland courthouse on Wednesday, testifying in his lawsuit against OpenAI, when a question about cryptocurrency produced one of the trial’s most quoted lines.

“Some of them have merit, but most of them are scams.”

Three words from the man who turned Dogecoin, a token created as a joke, into a multi-billion dollar asset with a handful of social media posts and whose tweets moved crypto markets more reliably than any regulatory announcement.

His company also bought $1.5 billion in Bitcoin in 2021, whose cultural footprint helped create an entire ecosystem of m…

Read The Full Article The Man Who Made DOGE a Billion-Dollar Asset Said Most Crypto Is a Scam On Coin Edition.

Read the article at CoinEdition