Gwyneth Paltrow partners with Cash App for a $500K Bitcoin giveaway

American actress and businesswoman Gwyneth Paltrow is giving away $500,000 (£377,462.50) worth of Bitcoin (BTC/USD) this festive season. The Hollywood star announced this news on December 20, noting that she intends to distribute these funds to her Instagram and Twitter followers. She pointed out that the giveaway is part of doing something special for her fans.

In a subsequent Instagram post, Paltrow said,

She added that this giveaway seeks to help her fans on Instagram and Twitter learn more about digital currencies.

Promoting Cash Way’s new gifting feature

While Paltrow is promising to give away $500,000 (£377,462.50), this giveaway is part of promoting Cash App’s new function of sending gifts starting from $1 (£0.76) in the form of BTC and stocks.

To become eligible for the giveaway, Paltrow’s fans only need to comment on her Instagram and Twitter posts. The selection process is random, and the lucky fans will each get $100 (£76) in BTC. Reportedly, the promotion will run until January 14.

With this giveaway, Paltrow has become the latest celebrity to promote Cash App’s campaign, which started in November. Before her, Aaron Rodgers, Green Bay Packers quarterback and three-time NFL MVP, teamed up with Cash Pay to announce a $1 million (£0.76 million) giveaway. On top of this, he agreed to take part of his salary in BTC because he believes the cryptocurrency’s future is bright.

This news comes after Cash App became among the first companies to add BTC to its balance sheet. The company currently owns 8,000 BTC. With BTC changing hands at $48,697.13 (£36,760.25) at the time of writing, the firm’s crypto holdings are worth approximately $390 million (£294.45 million).