The Miss Universe competition features several exciting events, one of the most anticipated of which is the National Costume competition. In this section, applicants from each country can exhibit their history and culture through creative means.
At the initial Miss Universe competition in New Orleans, Alejandra Guajardo, El Salvador's contestant, was seen donning (1) outfits reflecting different currencies from the nation's history, especially Bitcoin.
The Miss Universe competition is a widely anticipated event on a global scale, and the nation of Central America took advantage of the opportunity to demonstrate its passion for the first crypto currency.
In 2021, El Salvador was the first country in the world to acknowledge bitcoin as a legitimate currency.
According to El Salvadorgram (2), a website that covers news in El Salvador, the costume that Guajardo wears was designed by Salvadoran fashion designer Francisco Guerrero.
Based on the report, it is a one-of-a-kind piece commissioned just for the Miss Universe competition. It shows the progression of El Salvador's monetary system from its humble origins to its current standing.
Approximately ninety attractive women from all over the world are participating in the competition. On January 11, 2023, the preliminary round for the 71st Miss Universe began in New Orleans. The competition was held in preparation for the pageant.
El Salvador Is the Early Adopter of Bitcoin
The second quarter of 2021 was a golden period for crypto currencies, and El Salvador was ahead of the curve by adopting Bitcoin during this time.
During the preliminary night of the Miss Universe competition, Bitcoin steals the spotlight, bringing crypto currency technology together on stage with some of the most beautiful women in the world.
Amid the other delegates wearing their cultural symbols that well-known fashion designers had fashioned, the Miss Universe El Salvador contestant represented her nation's efforts to promote widespread acceptance of crypto currency.
On the other hand, the price of a single Bitcoin hit a new all-time high of $68,790 on November 11, 2021. According to data provided by Tradingview, the cost of Bitcoin was $20,800, marking an increase of 21% over the previous week.
The total market capitalization of all crypto currencies topped one trillion dollars in the year 2022. The evaluation of the market showed a growth of 67.35 percent in comparison to the previous year.
On Wednesday, El Salvador's legislature passed a bill that limits how private companies and the government can issue digital assets to the public.
The idea to stimulate domestic and international investment was supported by the country's president, Nayib Bukele, and the party now in power.
The act aims to extend the range of available financing choices to include people, groups, and the government.
In addition, the measure establishes the legal structure for "Volcano Bonds," often known as bonds backed by Bitcoin. The government plans to utilize the bonds to pay off its obligations and support the building of "Bitcoin City."
How El-Salvadorean People Perceive Bitcoin?
In the meantime, people in El Salvador are not particularly enthusiastic about Bitcoin. Less than a 25% of those polled in a research carried out in October by the José Simón Caas Central American University (UCA) found that respondents had utilized crypto currency at some point in the preceding year.
The debut of Bitcoin was only seen as a success by 17% of people, while 66% thought it was a failure. And 77% urge Bukele to discontinue buying Bitcoin with state money.