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Renowned rapper showers millions of dollars in Bitcoin on Twitter, stating: "Bitcoin is a wise investment"

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Renowned rapper showers millions of dollars in Bitcoin on Twitter, stating: "Bitcoin is a wise investment"

Renowned American rapper Megan Thee Stallion initiated an event on Twitter yesterday, 12/18, collaborating with the payment startup Square's Cash App to give away $1 million worth of Bitcoin. However, as cryptocurrency is still unfamiliar to many, it ultimately turned into a large-scale Bitcoin educational campaign.

Each Person Receives 50,000 Satoshis

Megan Thee Stallion officially debuted last summer with her first album, "Fever," and has been nominated for multiple awards including the 2021 Best New Artist at the Grammys. She has over 5 million followers on Twitter, making her highly influential among the younger generation.

On the 18th, she announced on Twitter in collaboration with Cash App that she would be hosting a giveaway of $1 million worth of Bitcoin. She explained the conditions for receiving the gift:

To celebrate Thee Hot Girl Coach herself officially joining the Cash App team, I will be giving away $1 million worth of Bitcoin to all the hotties and handsome men out there until it runs out. Leave your Cash App account below and tag #BITCOINMEG.

There is no data on how many people received Bitcoin, but based on screenshots of replies below, most fans received 50,000 satoshis, which is 0.0005 Bitcoin, approximately $11.5 at the time of writing.

Fans Mistakenly Believe They Received $50,000

During the event, Megan Thee Stallion also once againtweeted to her fans, stating that Bitcoin is a very smart investment whose value will increase over time. Twitter CEO Jack Dorsey, who has been relatively quiet during this bull market, retweeted her post and agreed with her statement.

However, some of Megan Thee Stallion's fans seem to be completely confused about the unit of Bitcoin called "satoshis." One fan, after receiving 50,000 satoshis, mistakenly thought it was $50,000 worth of Bitcoin and claimed to have already ordered a Tesla electric car.

Furthermore, some recipients were unsure of how to convert Bitcoin into cash, while others did not understand Megan Thee Stallion's claim of "value growth" and asked:

Should I leave the Bitcoin in Cash App and it will increase on its own? Or should I transfer it somewhere else?

Bitcoin enthusiast William Clemente III emphasized:

Don't convert it to USD. The point of the gift is to make people understand Bitcoin. 30% of the current USD circulation is from newly printed money, while the new supply of Bitcoin has been cut in half. It will grow exponentially due to its scarcity.

Although the entire giveaway event may seem like a wool pulling contest, Megan Thee Stallion has a large and relatively young fan base. Perhaps each simple endorsement of Bitcoin from her carries more influence than long discussions from traditional financial giants like MicroStrategy or hedge funds.