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The Bitcoin ATM at the Tesla Nevada Gigafactory is said to have been live since August.
Tesla Inc (NASDAQ: TSLA) employees’ at the Nevada Gigafactory have been accessing Bitcoin ATM services provided by America’s first and largest U.S. network of bitcoin ATMs LibertyX.
The clarification came after a Twitter user @wlrvs posted that he had spotted a Bitcoin ATM at the Gigafactory as he passed by.
Just passed by and saw @elonmusk has a bitcoin atm at the Gigafactory. pic.twitter.com/8HpkDkFwqP
— WILL REEVES (@wlrvs) October 10, 2020
Hereby raising suspicion that Bitcoin could be used as a payment form in the Tesla ecosystem. However, the claims have not been officially verified not even by Tesla CEO Elon Musk.
According to a post by finbold website, the Bitcoin ATM at the Tesla Nevada Gigafactory has been live since August. The post further clarified that there has been no new installations of a Bitcoin-related kiosk at the place.
“The Tesla locations have been live since August. The ATM is currently only accessible for employees,” LibertyX told finbold.com
LibertyX further explained that it has collaborated with two leading ATM manufacturers to offer Bitcoin software pre-installed on traditional automatic teller machines.
Bitcoin and Tesla
Musk has in the past criticized the governments’ monetary system that involves fiat printing to solve failing economies. Although not a major investor in Bitcoin, he has acknowledged that the cryptocurrencies and the blockchain are the future payment options due to their seamless transactions.
Notably, Musk has been involved in Dogecoin global push, whereby he once said that the coin is the future of payments. Although the Bitcoin ATM at the Nevada Gigafactory is not accessible to the public, it is anticipated that LibertyX will open it in the near future. This is presumably by the fact that Bitcoin is gaining retail and investors’ attention globally at a fast rate.
At the time of reporting, Bitcoin was trading around $11,257. The asset had added 36.1%, 8.5%, 4.6%, and. 5.6% in the last twelve months, 30 days, 14 days, and seven days respectively according to data provided by CoinGecko.
Notably, Bitcoin has a market capitalization of approximately $208,429,699,093, whereby its 24 hour trading volume stood at $17,212,943,340 at the time of writing.
That aside, putting the figures in relation to Tesla and its operation. One would require very few Bitcoins to purchase any of the latest Tesla models. This is primarily because the 2020 Tesla model 3 price starts around $36,200, Tesla model S starts at $76,190, 2020 model X starts at $81,190, and model Y 2020 starts at $51,190.
As a result, a Bitcoin ATM installed at the Tesla Nevada Gigafactory would make the purchases convenient to some. Bitcoin still has challenges with high transaction fees and slow processing speed in comparison to other cryptocurrencies.