Gwyneth Paltrow Announces Bitcoin Giveaway via Cash App Partnership

It looks like Christmas has come early for Gwyneth Paltrow fans: The Hollywood A-lister today announced she's giving away $500,000 in Bitcoin to Instagram and Twitter followers. 

"I've long been bullish on the idea of democratizing Bitcoin and making it easy to send it to friends and family," she said on Instagram, 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."

That's nice. But Paltrow actually is working with Cash App to promote the payment platform's new function of sending gifts of $1 in Bitcoin and stocks. 

Fans just need to comment on Paltrow's Instagram and Twitter posts and they will be selected randomly and given up to $100 in Bitcoin, according to Cash App.

Paltrow is the latest celeb to take part in Cash App's giveaway campaign, which started in November. The app is 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 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 Square, a payments company founded by Bitcoin-loving Jack Dorsey, the guy who used to run Twitter.

The company last year was one of the first to put Bitcoin on its balance sheet—it now owns over 8,000, worth roughly $377 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.