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Tesla’s Gigafactory gets a Bitcoin ATM

Photo of: Janeth Diamond
by Janeth Diamond

Tesla Fremont Gigafactory in Nevada has a new ATM, and this time it is a Bitcoin ATM. The facility was provided by its first ATM recently and this came to light when a Twitter user decided to tweet about. It is still not clear when the LibertyX ATM was installed but a snapshot of the Google Map shows that the facility got just one comment. This shows that the installation of the Bitcoin ATM was only recent. The Twitter user tweeted:

Source: Twitter

“Just passed by and saw @elonmusk has a bitcoin atm at the Gigafactory.”

LibertyX has sent a statement saying that the Bitcoin ATM is active here and that it is up for Bitcoin trades twenty-four hours. But further details were not divulged by the company further. 

But LibertyX issued a statement later saying that the ATM has been live since August and only Tesla employees were authorized to use it. The team further gave a clarification that LibertyX had not installed a new kiosk but just added Bitcoin selling through a software. The three ATMs that were already installed in the Gigafactory and just software was installed in them to facilitate Bitcoin trade. LibertyX reinstated:

“LibertyX has partnered with the two largest ATM manufacturers (Genmega and Hyosung) to offer bitcoin software preinstalled on traditional ATMs. Once operators activate the feature, consumers can start buying bitcoin with their debit cards from ATMs nationwide. We have 5,000 ATMs already live and plan to roll it out to over 100,000 ATMs over the next few years.

The Tesla locations have been live since August. The ATM is currently only accessible for employees.”

The new initiation at Gigafactory makes it a part of 10,863 total Bitcoin ATMs which are installed at a global level as per Coin ATM Radar that tracks its progress. The Tesla founder Elon Musk has always been an ardent following of cutting-edge technology and his support for a Bitcoin ATM was very much on the cards. In fact, he also said that he had a fraction of ownership of Bitcoin.

Earlier there was speculation that Satoshi Nakamoto was probably Elon Musk himself but Tesla came forward and denied all the allegations. Musk has always been an advocate of Bitcoin and in his history of tweets, he implied that Central Banks and major financial authorities have solidified the position of Bitcoin especially with the money pumping activity. Ever since the financial crisis in 2008 most of the central banks have infused relief measures in terms of quantitative easing by pumping in large sums of money into the economy so that the economy does not collapse. 

Bitcoin ATM has increased in its popularity but at the same time, it also poses a convenience and ease-of-use in terms of usability and a great alternative to crypto exchanges and banks. Through the ATMs, the option to buy bitcoins in ATMs is not just easy but also safe and secure.