Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Elon Musk Denies knowledge of Bitcoin ATM at Tesla’s Gigafactory
Telsa CEO Elon Musk has denied reports that there is a Bitcoin ATM at his company’s Gigafactory in Nevada.
Bitcoin ATM Spotted at the Telsa factory.
Fold CEO Will Reeves had tweeted on Sunday that he spotted a Liberty X Bitcoin ATM in the 1.9 million-square-foot Gigafactory building. His tweet went viral, prompting speculation that Telsa could be interested in investing in Bitcoin.
However, this information was debunked by Musk, who revealed in a cryptic tweet that the news was inaccurate. ‘’I don’t think this is accurate’’.
Musk’s response has prompted discussions within the crypto community, with some Bitcoin maximalist believing that Musk doesn’t know that Tesla employees can buy Bitcoin at the company’s mega factory.
Subsequently, Liberty X made a statement that clarified that it did not install Bitcoin ATMs at Telsa’s factory. Instead, its software was installed on traditional cash machines.
‘’LibertyX has partnered with the two largest ATM manufacturers (Genmega and Hyosung) to offer Bitcoin software preinstalled on traditional ATMs.’’
It is further understood that these ATMs have been live since August. Telsa employees can purchase Bitcoins on the ATMs with two similar ATMs installed in Telsa’s factories in California and Osaka.
Elon Musk non-committal on Bitcoins
Elon Musk has long been considered an enigmatic personality within the tech world and is estimated to be worth around $90 billion. He is also seen as one of the few tech billionaires sympathetic towards cryptocurrencies, especially Dogecoin.
However, the tech guru has never spoken of Bitcoin in high esteem and reportedly owns only 0.25 BTC given to him a long time ago. His stance towards the leading coin has been non-committal, and he gave an interview in January, where he spoke about the use of Bitcoins by criminals to evade law enforcement agencies.
This contrasts with Twitter CEO Jack Dorsey, whose firm Square recently bought $50 million worth of Bitcoins. There is a growing sentiment that Tesla could follow suit, and this would be a big deal for the cryptocurrency industry.
Nevertheless, the presence of a Bitcoin ATM in one of the world’s biggest factories shows the growing adoption of cryptocurrencies across the world.