PayPal has announced a promotion for its US-based clientele this coming festive season, where users can opt in by buying crypto through its stablecoin for a chance to win up to $100,000 in Bitcoin.
According to PayPal’s official sweepstakes webpage, which went live last week, the promotion has been running since November 17 and will end at 12 PM PST on December 21. It offers weekly prizes and a grand total of 1,008 winners for US residents aged 18 or older.
“We’re not saying you’ll win $100K in bitcoin this week…but someone is going to. We’re giving away more than $1M in bitcoin prizes, No purchase necessary,” PayPal wrote on its official X account.
PayPal sweepstakes to reward 168 winners weekly
According to the promotion’s terms and conditions, participants with a PayPal account can enter by purchasing at least $1 of cryptocurrencies available on the platform, excluding its stablecoin PYUSD.
Qualifying currencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH). Each qualifying purchase earns one entry per Weekly Sweepstakes Period, up to 10 entries.
Those without accounts must first sign up for a free personal one and submit their details on the PayPal Crypto Sweepstakes page, with the full name and email address matching their account. Finally, they are required to complete a “Qualifying Transaction” by buying crypto through PayPal.
Active and existing account holders can enter the competition without making a purchase. Mail-in entries require hand-printing personal details, including full name, mailing address, phone number, email, age, and “PayPal Crypto Sweepstakes” on a 3″ x 5″ card.
Handwritten entries must be mailed to the PayPal Crypto Sweepstakes launchpad in Georgia and received by 11:59:59 p.m. PST on December 23, but photocopies are not accepted.
The Sweepstakes features five weekly periods, which will see 168 winners selected every week to bring the total to 1,008 and a prize pool of $1.386 million. Prizes are randomly allocated into three tiers, with the first having $100,000 Bitcoin prize for six winners.
Tier 2 provides $10,000 in Bitcoin for 30 winners, and Tier 3 consists of 972 winners receiving $500 in Bitcoin each.
PayPal also mentioned that provisional winners are contacted via email within 10 working days of selection. Tier 1 winners must provide identity and eligibility verification, while Tier 2 and 3 victors will receive unique codes directing them to submit verification online. Those who fail to respond within five working days may be disqualified, and their prize moves on to another winner.
PayPal embraces crypto promotions after years of tug-of-war
The announcement has caught most of the crypto community by surprise, with some questioning if PayPal’s X account had been hacked to promote a crypto scam.
“Did the PayPal Twitter get hacked? Why does this read like I’m about to lose all my money in a rug pull somehow?” wrote the operator of VPN service Windscribe on X.
Cryptopolitan can confirm the promotion is legitimate, but no user has come forward claiming to have won any prize, although it has been 10 days since the sweepstakes began.
“I don’t trust the PayPal mafia, but this is bullish for Bitcoin adoption,” said one Bitcoin supporter.
PayPal first began accepting cryptocurrency in October 2020, enabling US users to buy, hold, and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The company expanded its crypto offerings in 2021 with “Checkout with Crypto” for users to purchase goods and services at PayPal merchants using digital currencies.
In 2023, PayPal launched PYUSD, a stablecoin it claimed is backed 1:1 by US dollar deposits, short-term Treasuries, and similar cash equivalents. PYUSD is issued by Paxos Trust Company and redeemable for US dollars, currently holding a market cap of $3.77 billion per Coinmarketcap.
Cryptopolitan reported on Tuesday that PYUSD-issuer Paxos acquired New York-based digital asset storage firm Fordefi for over $100 million. Fordefi reportedly has 40 employees and 300 clients, and was valued at $83 million during its last fundraising round.
The acquisition comes after Paxos purchased Finland stablecoin issuer Membrane Finance in a deal that began in late 2024 but was finalized in February.
Join a premium crypto trading community free for 30 days – normally $100/mo.
Source: https://www.cryptopolitan.com/paypal-lures-investors-bitcoin-giveaway/
