Gwyneth Paltrow Gives Away $500,000 Bitcoin As Part Of Cash App Campaign
Hollywood Gwyneth Paltrow today announced that she’s giving away $500,000 in Bitcoin to her Instagram and Twitter followers.
Patrow explained on instagram: “I’ve long been bullish on the idea of democratizing Bitcoin and making it easy to send it to friends and family,” adding that her gifting the asset to fans was a bid to “do something special for my social community and empower them to learn more about cryptocurrency.”
Buying crypto has often felt exclusionary. In order to democratize who can participate, @CashApp is now making it easy to gift Bitcoin. I’m giving out $500k worth of Bitcoin for the holidays. Follow @cashapp + drop your $cashtag below w/ #CashAppGifting to enter.
While she seems incredibly generous, in fact she is working with Cash App to promote the payment platform’s new function of sending gifts of $1 in Bitcoin and stocks.
According to Cash App, Patrow’s fans just need to comment on her Instagram and Twitter posts and they will be selected randomly and given up to $100 in Bitcoin.
Paltrow says she wants to contribute with Bitcoin becoming easier to acquire for people. Therefore, her partnership with Cash App will be aimed at “democratizing” people’s participation in the Bitcoin market.
Cash App Campaign
Paltrow is not the first celebrity to participate in Cash App’s giveaway campaign, which started in November, giving away a total of $1 million in the cryptocurrency. Last month, Green Bay Packers quarterback and three-time NFL MVP Aaron Rodgers announced he was giving away Bitcoin — and also receiving a portion of his salary in the crypto.
Cash App is a popular mobile app that lets users send money and buy Bitcoin. It’s owned by Block, formerly known as Square, a payments company founded by Bitcoin-advocate Jack Dorsey, who stepped down as the CEO Twitter end of November.
The company last year was one of the first to put Bitcoin on its balance sheet. Currently Block’s Bitcoin holding exceeds 8,000 BTC, worth roughly $376 million at today’s price.
Those who want to win Bitcoin have until January 14 to comment on Paltrow’s social media posts, according to Cash App.
