Bitcoin Forum

Bitcoin ATM installed at Elon Musk’s Tesla Gigafactory

As per article, a supposedly Bitcoin ATM was installed Tesla Fremont Gigafactory in Nevada.


https://finbold.com/bitcoin-atm-installed-at-elon-musks-tesla-gigafactory/

What can you make of this specially coming from Elon? Another sign bullish sign?

And it could possibly that some Tesla employees are already into bitcoin. It's going to be interesting is this one famous Bitcoin ATM will attract people to used Bitcoin ATM's across the US.

What do you mean by "coming from Elon"? The ATM is owned and installed by LibertyX ATM, which is not Elon's. LibertyX ATM is a separate company who also made a name by being the owner of the largest Bitcoin ATM network in the USA.

We cannot conclude whether this means the factory's workers are into Bitcoin until we see how this single Bitcoin ATM operates in the next days and weeks. We will see whether there is really a demand coming from the people in Tesla's factory or not.

I have a wild guess that this is intentionally installed by LibertyX ATM to somehow court Elon to join Bitcoin. Elon is not really a Bitcoin fan despite him being mentioned in the article owning a tiny amount of it. Having 0.25BTC does not make him a fan.

I don’t see this as some big or significant news, except perhaps for those who follow Elon Musk’s every move. Another 1 crypto ATM in the USA of more than 8700+ in total will not change anything - and this one in question has another big limitation, it is only available to the company's employees.

I hope this move doesn't result in some new scam that is very common when it comes to Musk name - but I already see the headline of how a fake crypto ATM appeared on which Musk offers a cheap BTC - pay $10 and get $100 worth of BTC. ::)

7000 people are working there so its like a small town, but i doubt this ATM will have a large volume. At least compared to those placed in shopping centers.

To me its not a big news. Musk related to bitcoin many times so we know about his attitude to crypto.

"Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from"
https://www.investopedia.com/news/tesla-billionaire-elon-musk-reveals-how-much-bitcoin-he-owns/

BTW: IMO this belongs here:
https://bitcointalk.org/index.php?board=77.0

A bitcoin ATM is fine but I'm not sure anyone uses it? Given the high cost and slow confirmation times for a bitcoin transaction, I don't believe people will be quick to withdraw their money with such a device.
There are more bitcoin ATMs available, but they will continue to create those ATMs as the profits from these machines are lower. I've never experienced a Bitcoin ATM before but I guess it won't be as good as a traditional ATM.

I think that the company who owns the ATM chose this spot as it's full of tech-savvy people, engineers, people open to innovation. It's one of the most innovative companies out there!

Elon did not put it there, but knowing his attitude towards crypto he would not oppose. Is it a significant breakthrough though? I doubt it. ATMs were and still are available in every big city.

Why do you think that it's coming from Elon Musk? Do you think he personally approved it or ordered it? I highly doubt that. Yes, he seem to be a bit positive about Bitcoin, but he's no a Bitcoin hyperbull or a real fan of the technology. I think this is pretty insignificant news, especially compared to something like Square's 50M investment. Wake me up when Tesla starts hodling Bitcoin, or they integrate Bitcoin into their products or something like that.

Installing an ATM in his factory does not mean anything, he is always neutral towards cryptocurrency and he always said he really likes the concept but never invested much in it. Most of the time he used to poke fun at the community by tweeting about Doge Coin and that will have an huge impact on the Doge valuation, remember he does not even care about his company stock valuation and his tweets have made the market move down billions. I respect him because of his intelligence and his fun nature and how hard he tries to explain things to minions like me so that we could understand his concepts  :D.

I found another person making the same claim on the first of September: https://teslamotorsclub.com/tmc/posts/4960426/, and it’s also on LibertyX’s Twitter today: https://twitter.com/libertyX.

The interesting thing here would be to know how the Bitcoin ATM installation is negotiated. Meaning who starts the request to install the ATM there, and who approved it within the Tesla premises. It certainly won’t be a decision that goes too far up the ranks, and probably falls on the shoulders of whoever is in charge of approving the installation of regular vending machines.

The fast growing numbers of ATM installed in the US will give you a hint on your question.

To the topic, the installed ATM on one of elon's office/factory does not mean a thing. Stop getting hype regarding elon and bitcoin not until he made his purchase or tesla accept bitcoin as one of its payment then that's a news, there a lot good news happened but yet bitcoin price barely pumps.

An ATM means nothing. Tell me that Tesla accepts bitcoin to purchase their products, then kick the atm out of the building...

When are you going to understand that adoption does not mean ATM (which is just an overpriced exchange)? adoption means accepting the coin, or at the very least use a payment processor which is still not ideal.

Anyone can let an ATM run in their premises, especially when the atm owner pays for using the space. The only good thing of having an ATM is maybe the publicity of the thing being present, or some quick small change access.

Hey people, I'm just going to buy a Model 3, wait until i put 30k USD into the ATM so it gives me Bitcoin to pay you...

or

Hold on, I'm going to exchange 30k USD worth of bitcoin, hope the ATM has enough bills before i pay...

NOT PRACTICAL.

People, adoption means using bitcoin to pay, and be paid with bitcoin. NO ATMs, exchanges and preferably, no processors.

They should just list the car price in bitcoin and let people use it straight.

Then, you may say Elon is not opposed to bitcoin. US regulation may be in the way so i have no idea if they can even do that, but that should be the goal of everyone and every company.


About 3 bitcoins should be enough to purchase a model 3. Funny isn't?


If you can purchase a car online you can easily wait one day for a low fee transaction, especially when its a pre-order (and Tesla has a long queue to process). One of the things that separates Tesla from the other motor companies is that you buy direct from them. Which is why dealerships hate them, as they were kicked out of the equation.

I don't get why anyone would use ATMs while he could use any reputable online exchange. Exchange's transactions are cheaper and faster.
Personally I would never use an ATM installed at a company with more than 7k employees.

Why do you think this ATM in particular will attract more users? Do you think those employees, working in such a big company, didn't know or hear about bitcoin before that!

I hope this news does not provoke more people to fall into the trap of various Bitcoin giveaways from Elon Musk. Because I have already seen several scams on YouTube lately, where Elon Musk allegedly handed out bitcoins promising to double the amount you sent. It would be nice if Tesla spoke as often as possible about the fact that they do not carry out any giveaways of coins and will not produce them.

Interesting but nothing of significant, just another regular bitcoin ATM, it's just so happened to be installed on Elon's factory. And besides, we really don't know who put in there, it could be Elon or just some bitcoin ATM enthusiast who so happens, was able to negotiate himself to install it at Tesla Gigafactory. We have so many bitcoin ATM's across the US, and as far as being bullish, we are, but nothing can be attributed to a single installed bitcoin ATM. Besides, there are a lot of drawbacks if you transact into it, high fees, etc.

People who have been familiar with and have been in the crypto world for a long time seem to have understood about the giveaway fraud carried out on YouTube by including the Elon Musk video, even Twitter scams that actually use the Elon Musk Twitter account are more dangerous and many victims fall into the giveaway trap.

Back to the topic of discussion about bitcoin ATMs in Elon Musk's Tesla Gigafactory, this is an adoption and advancement of the use of bitcoin in the real world. This will attract many new bitcoin users so that bitcoin will be increasingly recognized by the general public, especially since Tesla is a very suitable place for the support of Elon Musk who is pro with cryptocurrency.

That was 2018 though when he tweeted about having 0.25 btc courtesy of his friend.
A lot happened in crypto, and I think he has more than 0.25btc right now, but we will not know those details for sure.
Definitely, Elon knows about the Bitcoin ATM installation in his place but to what extent he is into crypto, we have no idea.
If nothing else, just another news that media can talk about and make a big deal out of it.
I'm ok with that as it will gain curiosity among noncrypto users.  :P

Yeah, as long as it gathers regular media attention it's a plus for crypto. Not just bitcoin!

It is good news, but it doesn't mean that something bullish sign or big thing may come because of this. We must ensure whether the ATM is really instaled and used for wider and bigger transactions again. We still do not get any information or announcement officially by them. We also still do not know if the ATM will be used as main payment or only provide for any transaction using BTC. That is why we may not speculate too high because of this.

I think OP didn't mean that. He thinks about the probabilities if a big name as Elon Musk provides Bitcoin ATM there, it may increase the trust from many more people to come into Bitcoin, probably it will also encourage his workers and employees there to use and close to BTC. Ad if it really happens, of course, it will give some good impacts, but we can't ensure totally it will be high or not

Elon Musk doesn't really know much about crypto, he isn't what you would really call an enthusiast. As for Elon agreeing into BTC, well, the iissue here is that the software was only UPDATED. The ATM itself was already installed back in August, so I doubt Elon could've done much to stop it, since it's only an update. Add on to that how the ATM also serves other purposes and not only as a BTC ATM, there really isn't much connection to be made with between Elon and BTC/Crypto.

The only positive thing to note here is that it's news. But that's it. Tbh, there's a lot of news already about crypto here and there, and without really looking for anything related to it, you can't really stumble upon it so this doesn't really differ from that.

Elon Musk is a fan of cryptocurrency what do we expect to have in his own factory? Of course this to share bitcoin or cryptocurrency or even I think when he will make the distribution of incentives could be withdrawn through that ATM machine. This process can make all things done fast and easy.

However, I do think that operating a bitcoin atm machine is subject for regulations under third party especially the government. Sound like they had already complied with the proper authority.

I'm not sure he is. The only thing I know is that Elon knows about it, or at least its existence. But I would definitely stop short in saying he is a crypto fan.

Secondly, he is not the one putting it up there, probably not the one asking the installer to place one there either. So there's no point expecting the company to pay the factory's employees in crypto or in ways which make use of that single ATM.

Frankly, Elon Musk is actually out of the picture in all this. It's just probably some crypto fanatics who made a big deal out of this. This is actually not news at all.

The only couple of things that link this to Elon is that he owns Gigafactory and that the manager who approved the installation of the machine within its property is under his payroll.

Nobody in the thread has thus far mentioned that Elon was fundamental to Paypal's success. Seeing as how for the mass public crypto can be used similar to Paypal (leaving all the mining, decentralization, POS/POW off the table), I think somebody knows Elon would be OK with it. Nevada is also one of the most pro-crypto states in the US, much more so than anti-crypto California just next door.

I doubt the man behind Neuralink is not at least abreast of where major crypto projects are at the moment. Imagine a currency tied to your brain  :o

Was it in 2018? I'm not sure but I think it was in mid 2019. That's just last year. Months have passed and Elon had once again mentioned his 0.25BTC when JK Rowling tried to know more about Bitcoin by asking about it on Twitter. That happened in the second quarter of this year.

That means his Bitcoin didn't grow. In fact, he remained to have owned and bought zero Bitcoin. His Bitcoin is still the amount given to him by a friend.

So I guess Elon does not really care much about investing in Bitcoin but he probably knows some pros and cons of Bitcoin as well as fiat.

This isn't a big news or something positive for bitcoin. Maybe this news can be used as a source for speculation, because US is already filled with the majority of the Bitcoin ATMs. More than 90% of ATMs installed till date are in USA. If Elon or Tesla has made its own product and installed in its factory or supplied out of USA then this could've been a big news in the cryptospace.

I tend to agree with this statement!

The fact that Elon Musk accepted the proposal or the one who initiated to let the other company install a Bitcoin ATM on their Gigafactory, it really means something. There was a theory that Elon Musk is Satoshi Nakamoto but that's proven yet. The moment that Elon Musk founded the Paypal, he really is capable to found Bitcoin, as well. It's just that, as Bitcoin is a decentralized one. No one has to be identified as the operator or else the vision will be broken, IMO.

The fact the Elon Musk also lets his people consider Bitcoin is something that is extraordinary. It means that Elon let his people take advantage of or take risk with it. But he has trust in it so it will be the first one. So, no surprise of this news but what ever the purpose is, still it's have a benefits to the Bitcoin.

Yes, actually he and another guy wrote the paypal app. For the milenials, paypal was an app for a device that predates smartphones, called a "pda", which themselves were an evolution of pagers (text only messaging device).

So what paypal did was enable palm users to send money to each other using this app. This was bought by some larger company and that is how Elon make his initial fortune, which he decided to use to "advance humanity" rather to solely burn it for his own pleasure as most people do when they get rich.

Just bumping my thread here.

Probably we can now connect the dots, and you will see the early replies and you'll be the judge.  :)

And I will say that this is the time when Elon or Tesla group started to pour their money into BTC ecosystem. And the Bitcoin ATM was the first sign that they have join the bandwagon.

But you have to understand that time, we really don't know Elon Musk's next move. Maybe him allowing a bitcoin ATM at his Tesla's Gigafactory was a message to all of us. I for one believed that he own less 1 BTC and so as the others. But now that the we have completed the puzzle already and them divulging how much money they investment, everything ended in a good way.

'Big Short' investor Michael Burry calls Tesla's $1.5 billion bet on Bitcoin a distraction - and says Dogecoin price (https://cryptochartindex.com/currency/dogecoin) record signals a massive bubble, As Bitcoin Price (https://cryptochartindex.com/currency/bitcoin) Near About to touch 50k USD.

If the media is going to eat it, no matter how small it is then it will be a big deal to bitcoin. This means that adoption in USA is going stronger because BTCATM's are popping up on factories, I never heard of an ATM in a factory but they had BTCATM. It is still a big deal though, we all know that USA has the biggest customer base with their population buying everything the capitalism offers and they are also the most sought after market in the world.

I think he is still promoting Dogecoin in his Twitter post but As I can see  there is no effect now on its price, it would be good if he will show some real doge coins like tesla investing in bitcoins, and all he does is tweet

Elon is really popular now among crypto enthusiast from social media talking about btc and doge and today the bitcoin atm installed in Tesla factory but how they can use it if only few of his employees has a bitcoin? I will be much convince if Elon finally decided to use bitcoin as a salary to all of his Tesla employees, sounds good right?