Elon Musk Denies Reports Of Bitcoin ATM At Nevada Gigafactory

KEY POINTS

  • Tesla CEO said reports of a Bitcoin ATM inside one of its facilities are inaccurate
  • LibertyX reportedly added Bitcoin selling feature to three ATMs at the facility
  • They can be accessed only by Tesla employees

Tesla CEO Elon Musk has denied recent reports that there is a Bitcoin ATM inside the car company’s Gigafactory in Nevada.

“I don’t think this is accurate,” Musk tweeted Monday, while replying to a tweet by news website Teslarati. The Teslarati tweet has since been deleted.

On Sunday, Will Reeves, the CEO of cryptocurrency payments and rewards app Fold, tweeted about spotting a LibertyX “bitcoin ATM at the Gigafactory,” along with a Google Maps image. LibertyX is a manufacturer of cryptocurrency ATMs in the United States. 

News outlet Finbold, on Sunday, reported that the LibertyX Bitcoin ATM, mentioned in the tweet, was in existence at the Gigafactory since August and it was only available to Tesla employees. The report said LibertyX did not install any new ATM kiosk but added Bitcoin selling feature to three ATMs that were already there at the facility.

In a statement to Finbold, the firm said it partnered with 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 card from ATMs nationwide.” 

LibertyX said there are already 5,000 ATMs with the feature activated in various locations across the nation and it is planning to roll out to more than 100,000 ATMs after this year.

Musk was a known advocate of cryptocurrency, although he claimed he only owns 0.25 BTC. Some recent data showed similarities between the benchmark cryptocurrency and Tesla stock.

In the past, people even speculated that Musk is the real identity of Satoshi Nakomoto, the anonymous creator

Tesla has reportedly abandoned a plan to buy a Nevada mining company

  • Deal talks around Tesla acquiring Nevada-based mining company Cypress Development Corp. have fallen through, Bloomberg first reported.
  • As the company shifts its plan, it now has the rights to mine Lithium on its own in the state, according to the report.
  • The automaker has access to 10,000 acres of “lithium-rich clay deposits,” in Nevada, where the company already has a Gigafactory.
  • The company hopes producing Lithium on a large scale will help keep battery costs low and enable it to finish a $25,000 Tesla in “about three years.”
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Tesla was recently holding acquisition talks with a Nevada-based mining company to advance its ambitious plan to source lithium from clay deposits in the US, but the electric-car company was unable to reach a deal and has since secured the rights needed to legally mine the raw material on its own in the state, Bloomberg’s Yvonne Yue Li and David Stringer reported Monday.

The mining of lithium is a key part of Elon Musk’s vision for Tesla’s future manufacturing process as the Tesla CEO looks to scale up his supply chain in pursuit of less-expensive and longer-lasting batteries. Musk has said that doing so will give the company a competitive advantage as electric cars become increasingly common. He also has said it will cut costs and enable a $25,000 Tesla to be built and sold.

In the past, the automaker had planned to buy the mining company, Cypress Development Corp., which is also looking to source lithium from Nevada land, Bloomberg reports. Tesla already has a Gigafactory in the state.

Cypress Development Corp. declined to comment on the report. A Tesla spokesperson did not immediately respond to a request for comment on the deal talks or mining rights.

Musk maps out a lithium-filled future

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