Elon Musk, testifying in a federal court in Oakland, California, on April 30, 2024, criticized the cryptocurrency market, labeling most digital assets as "scams." While acknowledging that some cryptocurrencies have merit, Musk's comments were made under oath during cross-examination about OpenAI's financial strategies and its shift from a non-profit to a for-profit entity. His remarks have sparked debate, given his influence on Bitcoin and meme coin prices. Musk's testimony was part of a lawsuit against OpenAI, where he alleges the organization breached its founding agreement by becoming a closed-source subsidiary of Microsoft. Internal documents revealed OpenAI considered an ICO in 2018 to fund its operations, prompting Musk's "scam" comment. Despite his critique, major cryptocurrencies like Bitcoin and Ethereum remained stable, with analysts suggesting the market is "Musk-fatigued." Tesla, Musk's company, still holds over 11,500 BTC, indicating his continued involvement in the crypto space.