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Elon Musk’s Latest Crypto Take: What It Says—and What It Doesn’t

Musk’s April 2026 courtroom remark was skeptical, but it was not a crypto policy or price forecast. Here’s how it fits his past Bitcoin and Dogecoin statements—and what market studies actually establish.
From TheFinanceBase Team4 min to read
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Elon Musk’s latest crypto-related remark identified in the reporting reviewed was a skeptical one: on April 29, 2026, he said that some cryptocurrencies have merit but most are scams. The comment came during testimony about OpenAI’s past plan for a cryptocurrency offering; it was not a new investment recommendation or a detailed crypto policy. Musk’s record also includes praise for Bitcoin and Dogecoin, Tesla’s Bitcoin purchase and payment decisions, and a February 2026 Dogecoin exchange that did not confirm a new SpaceX plan.

What did Musk say most recently about crypto?

During testimony in his lawsuit against OpenAI in Oakland on April 29, 2026, Musk was asked about the organization’s historical plans to raise money through a cryptocurrency initial coin offering. He said, “Some of them have merit, but most of them are scams.” Fortune reported the remark on April 30, attributing the quotation to a contemporaneous post by New York Times reporter Mike Isaac. It is therefore best described as a statement reported from court, rather than a quotation verified against a trial transcript. Fortune’s report

The comment expresses broad skepticism about crypto projects, but it does not identify which assets Musk considers worthwhile, explain how he distinguishes legitimate projects from scams, or provide guidance for investors. It was made in the context of OpenAI’s past fundraising plans, not as a market forecast.

Does Musk still support Dogecoin?

In a February 3, 2026 exchange on X, Musk replied “Yes” and then “Maybe next year” to a post invoking his earlier Dogecoin-to-the-moon pledge. CoinDesk reported no details from Musk or SpaceX and no newly announced initiative. The reply is an ambiguous comment, not a confirmed mission schedule or a commitment to use DOGE in a transaction. CoinDesk’s account of the exchange

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That exchange followed a long gap in prominent direct Dogecoin references. A March 2026 Bitcoinist account-search report pointed to a November 13, 2024 post about Dogecoin’s flat inflation mechanism, while CoinDesk documented the later 2026 exchange. Because the sources use different methods and definitions of a direct mention, they do not establish a definitive timeline of every crypto-related post. Bitcoinist’s account-search report

How does the latest comment fit with Musk’s past actions?

Musk’s public record is not a single, consistent endorsement or rejection. He has praised Bitcoin and Dogecoin, while also raising concerns about Bitcoin’s energy use. Tesla’s corporate actions are distinct from Musk’s personal statements: the company announced Bitcoin acceptance for vehicle purchases in March 2021, then said in May 2021 that it would stop accepting Bitcoin payments, citing energy use. Reuters’ historical timeline records these episodes alongside Musk’s public comments. Reuters’ crypto timeline, republished by Investing.com

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In a May 7, 2021 post listed in that timeline, Musk wrote, “Cryptocurrency is promising, but please invest with caution!” That caution is relevant to how readers interpret his public enthusiasm: a prominent comment is not the same thing as a recommendation tailored to someone’s finances. Tesla’s payment decision, meanwhile, is a company policy from 2021; it does not establish Musk’s current personal views or holdings.

Do Musk’s posts move cryptocurrency markets?

Research on selected past posts found that some coincided with sharp, short-window changes in crypto prices or trading activity. A Blockchain Research Lab event study examined six selected Twitter events involving Bitcoin and Dogecoin. For one Dogecoin event in 2020, the paper reported average DOGE/USDT trading volume of about $1,942 per minute in the 30 minutes before the cited tweet and about $299,330 per minute in the 30 minutes after. The paper also noted that relevant market activity began roughly 45 minutes before the tweet and suggested TikTok activity as one possible influence. The volume comparison demonstrates a striking association around that event, not proof that the tweet alone caused the change. Blockchain Research Lab working paper

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The study also describes a Bitcoin bio change on January 29, 2021, after which Bitcoin rose from just over $32,000 to more than $38,000 within three hours. That is a historical event-specific figure, not a current price or a dependable measure of what a future Musk post will do. The paper’s date labeling and the 2021 event chronology do not align cleanly, so the figure should be understood as describing the event, not as a 2020 market statistic.

There are limits to what such event studies can show. They examine chosen episodes and short windows, during which other news, trading activity, or social-media events may also affect prices. They do not establish that Musk alone caused a move, that every post has an effect, or that a post can predict future returns. No current causal estimate follows from this historical study.

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What should investors take from his comments?

  • Separate remarks from commitments. A court statement, an X reply, a corporate purchase, and a formal company announcement are different kinds of evidence.
  • Do not treat attention as a signal. A surge in activity around a past post does not show which way a token will move next or when to buy or sell.
  • Check the underlying decision. If evaluating a cryptocurrency, examine its purpose, risks, governance, and disclosures rather than relying on celebrity commentary.
  • Do not infer private holdings. The cited reporting does not establish Musk’s current personal crypto portfolio.

The April 2026 courtroom comment is the latest direct crypto-related remark identified in the cited reporting, not a verified claim that no later remark exists. The sources also do not provide a comprehensive archive of Musk’s posts through October 8, 2026.

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