American Actress Gwyneth Paltrow to Give Out $500K in Bitcoin to Instagram, Twitter Followers via Cash App

UTC by Ibukun Ogundare · 3 min read
American Actress Gwyneth Paltrow to Give Out $500K in Bitcoin to Instagram, Twitter Followers via Cash App
Photo: Depositphotos

Paltrow said she aims to reach out to her female followers with the Bitcoin giveaway and make the crypto more “accessible” to them.

Award-winning American actress Gwyneth Paltrow is giving out $500K worth of Bitcoin to her social media followers. It appears that followers of the Academy-award-winning actress on both Instagram and Twitter are about to receive some gifts during this holiday. In a Tweet posted on the 20th of December, Paltrow revealed that she would be distributing the $500K worth of Bitcoin via mobile payment service Cash App.

Paltrow Announces $500K in Bitcoin Giveaway to Democratize Bitcoin Ownership

Stating that buying Bitcoin and other crypto-assets has “often felt exclusionary,” Paltrow said that Cash App has democratized who can own Bitcoin by making it easy to gift the asset on the app. She specifically noted that she is giving “500k worth of Bitcoin for the holidays.” To participate in the giveaways, all required is to follow Cash App on Twitter and drop one’s Cashtag with the #CashAppGifting in the comment section. Interested persons can also post their Cashtag on Instagram. The reward will be distributed to several winners who will receive their share through Cash App. According to the announcement, the giveaway will close on the 14th of January.

Cash App started its giveaway campaign in November with the participation of several celebrities. The payment service is giving out a sum of $1 million in crypto. The app is owned by Block, formerly Square Inc, and is one of the companies to add BTC to its balance sheet in 2020. Now, the company owns more than 8,000 BTC, equaling over $390 million at the current price. At the time of writing, Bitcoin is trading at $48,731.

During Elle’s magazine interview, Paltrow talked about the first time she heard of Bitcoin and altcoins. She said she first heard of crypto on a TV show for Apple TV. She decided to organize a “tutorial call” after noticing that women in the industry do not involve themselves in crypto. After some meetings, the actress began to understand the concept of Bitcoin, blockchain technology, and other related matters. She also gained some understanding of non-fungible tokens (NFTs). After then, Paltrow became an investor in a Bitcoin mining company.

Paltrow Aims to Get to Her Female Followers with BTC Giveaway

Furthermore, Paltrow said she aims to reach out to her female followers with the Bitcoin giveaway and make the crypto more “accessible” to them. She declared:

“I’m really working to bring more women, not only into the conversation, but onto cap tables of these Web3 companies. I think it’s such a good way to create that cultural conversation around ‘what do I do with Bitcoin?’ and I’m hoping that it will start deeper conversation.”

Paltrow also said she is “thinking” of launching a DAO for her followers. Expressing her love for the digital space, the award-winning actress hinted that she might open a store in the Metaverse in the future. Her tweet on the Bitcoin giveaway has attracted a lot of reactions on Twitter, including a comment from MicroStrategy founder and CEO Michael Saylor.

Bitcoin News, Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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