Dogecoin’s Biggest Champion Just Called the Entire Industry a Scam
Tesla CEO Elon Musk’s Oakland court testimony contradicts years of Bitcoin advocacy while the company holds $1.3 billion in crypto assets. During his ongoing OpenAI lawsuit, Musk stated, ‘Some [crypto coins] have merit, but most of them are scams,’ a stark reversal from his past support for Dogecoin, which he once promoted during the 2021 meme coin frenzy. Tesla’s Bitcoin holdings—originally purchased for $386 million in 2021—now exceed $1.3 billion, despite the company marking them down to $786 million in Q1 2026 filings. This contradiction highlights the gap between Musk’s words and wallet, as Tesla became an early corporate Bitcoin adopter while Musk now questions the broader crypto ecosystem’s legitimacy. Meanwhile, Dogecoin, once championed by Musk, continues trading independently of his current stance. The crypto comments emerged during questions about OpenAI’s abandoned 2018 Initial Coin Offering (ICO), which would have created tokens similar to a crypto IPO. Musk, who co-founded OpenAI in 2015 as a nonprofit, donated $38 million before suing this year over its shift toward for-profit operations. His skepticism about crypto now surfaces as he claims OpenAI ‘stole a charity’ to enable unsafe AI development for private gain. The contradiction underscores how Musk’s influence on crypto markets—once driving Dogecoin’s surge—now wanes as his courtroom testimony signals a shift in perspective. The broader lesson for investors is that tech leaders’ positions can change rapidly, leaving markets vulnerable to volatility. Musk’s testimony serves as a reminder that revolutionary technologies can become obsolete, and diversifying beyond single voices is crucial for stable investment decisions.
Source: Gadget Review