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Blog

Date:
12th Oct 2020
Author:
CryptoAltum Analytics Team

Tesla has a Bitcoin ATM at its Nevada Gigafactory

Elon Musk and Tesla employees can purchase or sell their Bitcoin within their Giga facility, Google Maps data shows. Will Reeves, the CEO of the Fold App, first noted the Bitcoin ATM. Even so, Elon Musk--as outgoing and vocal as he is, is yet to publicly endorse Bitcoin. 


Details: 

Tesla is a tech company and the world’s most valuable automaker, eclipsing titans like Toyota and GM. Its leader occasionally tweets about crypto, claiming he is a Dogecoin supporter. He also owns a paltry amount of Bitcoin. As institutions including Square purchase tranches of Bitcoin as part of their reserves, any announcement of Tesla supporting BTC could drastically pump prices.


Impact on the BTC Price: 

Neutral. Bitcoin  ATMs are mostly concentrated in the United States and Europe. Its installation in the Tesla Gigafactory doesn’t immediately impact prices unless the automaker endorses the world’s most valuable store of value and medium of exchange.


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