Feb 2021 tesla bought bitcoin worth 1.5 billion dollar whereas current bitcoin holding of tesla is $218 million

However the musk says that sale of bitcoin should not be seen as verdict on bitcoin, the cryptocurrency market is going through cryptowinter.

Elon musk through his tweets and action became one of the prominent influencers in crypto currency space

Musk acceptance of bitcoin as payment for tesla electric vehicle boosted the confidence in bitcoin that cryptocurrency can become valid means of exchange

However shortly he withdrew the proposal of accepting the cryptocurrency bitcoin as medium of payment citing environmental concerns

Still he supported dogecoin his action spoke louder such as in a massive party for Austin factory a drone flew displaying a big picture of dogecoin mascot

News suggests that musk is working with dogecoin developers to make their transaction energy efficient and environment friendly

How much the cryptocurrency is able to fare in cryptowinter is still a question that needs to see what alternatives the innovative market of cryptodevelopers have to offer