Cryptocurrency exchange FTX is giving away hundreds of thousands of dollars worth of Bitcoin as part of a Super Bowl ad campaign.
The Bahamas-based exchange will run an ad sometime during the second half of the NFL championship game between the Cincinnati Bengals and Los Angeles Rams. There will be four winners of the sweepstakes, but how much Bitcoin will be rewarded depends on when the advertisement airs on the East Coast.
For instance, if the ad airs at 9:20 p.m. on Sunday, the four winners would receive 9.2 BTC — which would be about $390,000 as of Monday afternoon. If the ad is played later in the game, like 10 p.m., the reward money increases to 10 BTC, or about $425,000.
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To enter and win, contest participants must follow FTX’s Twitter account and retweet the exchange’s pinned tweet between the time the ad airs on Sunday and 11:59 p.m. that night. The four winners will be chosen by random drawing, according to the rules for the sweepstakes.
FTX isn’t the only exchange using the country’s biggest day in sports to draw attention to the growing cryptocurrency space. The largest U.S. exchange, Coinbase, is running an ad, and so is Crypto.com, according to the Wall Street Journal.
“It’s a way to get our name out there,” said FTX founder Sam Bankman-Fried. “In terms of venues to do that, it’s hard to find a higher-profile one than this.”
Bitcoin, as well as other cryptocurrencies in general, have had a wild few months.
At its peak in October, Bitcoin posted an all-time high of $69,000, as some investors saw the cryptocurrency as a hedge against inflation. However, Bitcoin has recently been falling more in line with traditional stocks, which have been in decline amid anxiety over the Federal Reserve’s plan to hike interest rates and uncertainty about the situation in Ukraine. Bitcoin slumped to below $34,000 last month.
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Since Friday, Bitcoin has rallied from $37,400 to nearly $44,000 on Monday afternoon. The value of the flagship cryptocurrency has risen more than 5% in just the past 24 hours alone.
Other cryptocurrencies also ended Monday in the green. Ethereum, the second-largest digital asset, edged 4.45% higher to $3,130, Ripple increased by a whopping 17.2%, and Cardano rose 4.75%.
Original Location: Crypto exchange to give away Bitcoin during Super Bowl ad campaign
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