Bitcoin Giveaway: Actress Gwyneth Paltrow Gives Away $500K in BTC for the Holidays

Hollywood actress Gwyneth Paltrow is giving away $500,000 in bitcoin for the holidays. The winners are chosen at random and given bitcoin in “$20 increments and $100 increments.” She explained: “I wanted to do it to get women — my followers specifically, and Marvel fans — feeling excited” about bitcoin so they can “play around with it” and “trade it.”

Gwyneth Paltrow Gives Away Bitcoin

Actress and entrepreneur Gwyneth Paltrow announced Monday that she is giving away $500,000 in bitcoin for the holidays via Cash App, a mobile payment service developed by Block Inc., formerly Square Inc.

“I’m giving out $500K worth of bitcoin for the holidays,” she tweeted. Paltrow explained that “Buying crypto has often felt exclusionary,” noting that Cash App “is now making it easy to gift bitcoin … in order to democratize who can participate.”

At the time of writing, a number of people have tweeted thanking Paltrow for sending them BTC.

The actress explained in an interview with Elle magazine Monday how her fans can participate in the giveaway:

I’ll post, and then my followers will post in the comments, and then winners will be chosen at random, given $20 increments and $100 increments.

She added: “I wanted to do it to get women — my followers specifically, and Marvel fans — feeling excited” about bitcoin so they can “play around with it” and “trade it.”

Paltrow recently participated in an investment round involving the bitcoin mining operation Terawulf. In 2017, she became an advisor to Abra.

Payments firm Block launched a gifting feature last week. “With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don’t need to own stock or bitcoin to gift it. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing,” the official Cash App Twitter account wrote.

A growing number of celebrities are giving away bitcoin. In November, U.S. football star Odell Beckham Jr. gave away $1 million in BTC via Cash App after he announced that he will take his new salary in the cryptocurrency.

In the same month, American football quarterback for the Green Bay Packers, Aaron Rodgers, gave away $1 million in bitcoin. In December last year, rapper and hip hop artist Megan Thee Stallion gave away $1 million in BTC.

Some celebrities partner with cryptocurrency exchanges to give away a small amount of bitcoin to get their fans started trading cryptocurrencies. For example, award-winning artist Mariah Carey gave her fans $20 in free bitcoin in October for signing up with crypto exchange Gemini.

Bitcoin.com is also giving away $25,000 in cash prizes between now and the end of the year.