TLDR
- PayPal has launched a crypto sweepstakes offering $1.38 million in Bitcoin prizes.
- US-based users can enter by purchasing at least $1 of qualifying cryptocurrencies on PayPal.
- The sweepstakes runs from November 17 to December 21 with weekly prize draws.
- Participants can win up to $100,000 in Bitcoin, with prizes awarded across three tiers.
- New PayPal users can enter by signing up and purchasing cryptocurrency through the platform.
PayPal has announced a new promotion for its US-based users this festive season. The promotion gives users a chance to win up to $100,000 in Bitcoin by purchasing cryptocurrency through PayPal. The sweepstakes began on November 17 and will end on December 21, offering weekly prizes and a total of 1,008 winners.
How to Enter the PayPal Crypto Sweepstakes
To participate in the PayPal Crypto Sweepstakes, users must first have a PayPal account. The company requires users to purchase at least $1 of qualifying cryptocurrency to enter the contest. The eligible cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH). Each qualifying purchase gives users one entry into the sweepstakes, with a limit of 10 entries per week.
New PayPal users can also sign up for an account. After completing the sign-up, they need to purchase cryptocurrency through PayPal to qualify. Users without PayPal accounts can enter by submitting a mail-in entry with personal details on a 3” x 5” card. Mail-in entries must be received by December 23, 2023.
The PayPal Crypto Sweepstakes will reward a total of $1.386 million in Bitcoin prizes. Every week, 168 winners will be selected, with prizes distributed across three tiers. The first tier offers six winners a grand prize of $100,000 in Bitcoin. Thirty winners will receive $10,000 in Bitcoin from the second tier, while the third tier features 972 winners who will receive $500 in Bitcoin.
PayPal will randomly select winners each week, and provisional winners will be contacted by email within 10 working days. To claim their prizes, winners must complete identity and eligibility verification. Failure to respond within five working days will result in disqualification.
Promotion Draws Attention in the Crypto Community
The announcement of PayPal’s crypto sweepstakes has sparked surprise and skepticism among some members of the crypto community. Some users expressed concern that the promotion may be part of a scam. However, PayPal has reassured participants through its official channels, confirming the sweepstakes’ legitimacy.
PayPal first entered the cryptocurrency space in 2020, allowing US users to buy, sell, and hold digital currencies. The company further expanded its crypto offerings in 2021 with the launch of “Checkout with Crypto,” enabling users to spend their digital assets at PayPal merchants. In 2023, PayPal introduced its stablecoin, PYUSD, which is fully backed by US dollar deposits and short-term US Treasury securities.
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