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Topic: A day for representation of Bitcoin (Read 470 times)

Rabata (OP)

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A day for representation of Bitcoin

January 17, 2023, 04:50:28 PM

Merited by ChiBitCTy (1)

Women from 84 countries participated in the Miss Universe 2023 pageant. But great attention was when Alejandra Guajardo from El Salvador appeared on stage wearing a Bitcoin suit for the cryptocurrency sector. Alejandra Guajardo shows the evolution of her country's currency through the clothes she wears. She came on stage with a golden bitcoin outfit, holding a scepter with a BTC logo. Guajardo's Bitcoin dressing quickly became the talk of the cryptoworld within moments.

El Salvador's President Nayeb Bukel wants to go forward with cryptocurrency. He has already launched a national bitcoin office in his country. The purpose of which is to coordinate various initiatives related to cryptocurrency in the country as well as around the world. They have committed to buy one Bitcoin each day to profit from the dip. This has been widely appreciated by crypto fans all over the world.

Bitcoin now gained worldwide recognition once again through this event. The positive sign towards Bitcoin has increased among all kinds of people. I think Miss Universe 2023 is a green message for Bitcoin. What do you think about it?

hugeblack

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Re: A day for representation of Bitcoin

January 17, 2023, 07:20:39 PM

I still see that the position of this country on Bitcoin is somewhat floundering and hasty.
El Salvador's President Nayeb Bukel bought at the wrong time and thus wasted a lot of money that his people paid and then continued to buy, which means that either he does not have economic advisors and this is a disaster, or he has and the disaster is greater.

In general, the fame was gained by Alejandra Guajardo by wearing the Bitcoin suit more than any other suit, and therefore perhaps she wanted to achieve fame with that, and the goal is not awareness.

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Re: A day for representation of Bitcoin

January 17, 2023, 07:27:51 PM

I believe her outfit was meant to symbolise the evolution of El Salvador's currency or something along those lines.

That's a nice and unexpected touch. It's probably the last place I would expect to see any bitcoin references. That being said, I have a mixed feelings about N. Bukele using his position and the taxpayers money to prop up Bitcoin. I'd much rather see it growing from a grass-roots initiatives.

I wonder if that was her choice and does she even understands what Bitcoin is and how it works.

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Re: A day for representation of Bitcoin

January 17, 2023, 07:39:08 PM

Quote from: Rabata on January 17, 2023, 04:50:28 PM

He has already launched a national bitcoin office in his country. The purpose of which is to coordinate various initiatives related to cryptocurrency in the country as well as around the world.

I cringe at the idea of a national Bitcoin office to coordinate initiatives. Bitcoin has survived do far without any centralized or indeed physical space, it doesn't need one now.
I understand that this is part of adoption and countries would need something more tangible if they are going to invest in it, to make it more real to them, but it's still cringe regardless. And they could just adopt it for what it is.

The outfit from the representative of El Salvador did what it was designed to be - attract attention.
This could either be a desperate attempt to get some traffic going on their now, not so sensational move to adopt Bitcoin or a sign of actual adoption. I'll go for the former.

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Re: A day for representation of Bitcoin

January 17, 2023, 07:41:39 PM

Quote from: hugeblack on January 17, 2023, 07:20:39 PM

El Salvador started to buy bitcoin when the price was $50000. 2022 was a long bear market, El Salvador bought bitcoin again when it decreased to $30000, the price of bitcoin continued to decrease and got to less than $20000 when Nayib Bukele announced that El Salvador is now buying 1 bitcoin daily. It might look like a failed plan, but a time is coming that bitcoin would get to $50000 again. With the averaging strategy used, El Salvador would have be gaining by that time.

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Re: A day for representation of Bitcoin

January 17, 2023, 08:53:03 PM

Quote from: Oshosondy on January 17, 2023, 07:41:39 PM

It might look like a failed plan, but a time is coming that bitcoin would get to $50000 again. With the averaging strategy used, El Salvador would have be gaining by that time.

Will the people be patient for about 3 years to achieve these gains? Their buying times were wrong and therefore they could have doubled the profits if they had bought several weeks ago.
Also, the year 2022 was downward, as everyone knows here, so what about a head of state who can appoint many economic analysts and has sufficient resources to hire a specialized office, right?

As for buying, they are not obligated to buy.

CryptoPanda

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Re: A day for representation of Bitcoin

January 17, 2023, 10:02:09 PM

I remember there were lot of institutions buying bitcoin at the time and also there were bitcoin fanatics like Saylor who were open about his company hodling bitcoins. Saylor has never complained about the negative effect it may have had on Micro strategy. President Bukel was too hasty, he was doing too much at the same time. He was concerned about making history and didnt make proper analysis of the countrys economy and how buying bitcoin at the time would affect the economy in short and long term. While the crypto community applauded his bravery, the IMF were firmly against his decisions and were waiting for him to fail. I hope President Bukel sees the fruit of his labor before his term ends. A new President may not like bitcoin.

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Re: A day for representation of Bitcoin

January 17, 2023, 10:55:24 PM

Quote from: pawel7777 on January 17, 2023, 07:27:51 PM

I wonder if that was her choice and does she even understands what Bitcoin is and how it works.

I don't think that she has chosen to wear that. For the candidates, they also got people behind them that manages what outfit they're going to wear and it's like a lot of clothes to represent them and their country.
On this case, I think we all know that this is like a suggestion made by Nayib so that it will represent not just their country that has adopted bitcoin as a legal tender, their bitcoin beach but also to represent bitcoin alone. I'm guessing that the candidate is aware of bitcoin but probably don't wholly understand how it works.

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Re: A day for representation of Bitcoin

January 17, 2023, 11:29:03 PM

Quote from: Oshosondy on January 17, 2023, 07:41:39 PM

El Salvador started to buy bitcoin when the price was $50000. 2022 was a long bear market, El Salvador bought bitcoin again when it decreased to $30000, the price of bitcoin continued to decrease and got to less than $20000 when Nayib Bukele announced that El Salvador is now buying 1 bitcoin daily. It might look like a failed plan, but a time is coming that bitcoin would get to $50000 again. With the averaging strategy used, El Salvador would have be gaining by that time.

Which is not IMO. Why?
Because I didn't hear them selling their Bitcoin, they might patiently wait for the right profit on it. I see the dedication of El Salvador towards holding Bitcoin and now, they keep spreading awareness to the people through Guajardo's Bitcoin dressing.

The country of El Salvador is known as the first country that legalized Bitcoin, so it represents the country wearing a golden Bitcoin suit.
We should be thankful for a country like this that will help Bitcoin promote nationwide and might other countries are now aware and also other people of what Guajardo's wearing.

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Re: A day for representation of Bitcoin

January 17, 2023, 11:46:58 PM

#10

Being the representation of a country, the team from El Salvador have chosen the right one that makes people understand even before mentioning the country of the participant. Whether it brings them a win or not is secondary, but this portrays their stand to the world. Even the fashion industry people who hasn't heard of it might have looked for it. El Salvador being the country to adopt bitcoin as legal tender is under critics, but they are making themselves strong amidst the market situation.

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Re: A day for representation of Bitcoin

January 17, 2023, 11:55:09 PM

#11

Quote from: Rabata on January 17, 2023, 04:50:28 PM

I think Bitcoin can't achieve wide adoption through advertising. Awareness is not a problem, most of the people in the world know about Bitcoin, Bitcoin bull runs is something that was extensively covered in mainstream media. But people don't want to use Bitcoin instead of their bank cards, because they are quite satisfied with the service they get, while seeing downsides to using Bitcoin as a currency due to problems like volatility, key management, lack of adoption by merchants, occasional high fees and so on.

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Re: A day for representation of Bitcoin

January 18, 2023, 12:28:29 AM

#12

A buddy in one of my bitcoin chat groups shared this with us. I think this whole dress up thing they did for the first time this year with the Miss Universe pageant where they dressed up in these costumes with things that represented their countries was kind of goofy overall, but it was a cool thing for bitcoin. Doing this represented the future, which I thought was a cool thing for bitcoin.

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Re: A day for representation of Bitcoin

January 18, 2023, 04:15:53 AM

#13

All these types of events that help to make Bitcoin more visible are positive, let's hope that over time there will be more and more of them.

As for El Salvador, if they have managed to hold on during this bear market, if things go as planned, which would be a rise in price this year and the next to enter the full bull market about a year after the halving, I think the move will have gone well.

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Re: A day for representation of Bitcoin

January 18, 2023, 04:20:43 AM

#14

Quote from: Rabata on January 17, 2023, 04:50:28 PM

I think Miss Universe 2023 is a green message for Bitcoin. What do you think about it?

It's cool and all, but it's mostly a nothingburger. It's not like most people haven't heard of Bitcoin already.

El Salvador's 1 BTC per day has a far bigger impact. While buying 1 BTC a day has little to no effect on the market technically due to it being a very small amount of money, it socially has a bigger effect because of it showing a decent amount of confidence with bitcoin.

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Re: A day for representation of Bitcoin

January 18, 2023, 04:26:31 AM

Merited by Lucius (1)

#15

@OP you're too late, there's already 2 threads created before about this discussion, better to lock your topic.

1. Bitcoin With Gold Design: Miss El Salvador Features Bitcoin in Contesting Ground
2. Did Miss El Salvador cause the Bitcoin price to spike last night?

It's nothing new if El Salvador and Nayib Bukele will comes up with new innovation related with Bitcoin, because El Salvador already accept Bitcoin as legal tender. Actually I would want to see more other country could either accept Bitcoin as legal tender or they will unban Bitcoin.

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Re: A day for representation of Bitcoin

January 18, 2023, 04:59:41 AM
Last edit: January 18, 2023, 05:13:04 AM by Fiatless

#16

Quote from: hugeblack on January 17, 2023, 08:53:03 PM

Quote from: Oshosondy on January 17, 2023, 07:41:39 PM

It might look like a failed plan, but a time is coming that bitcoin would get to $50000 again. With the averaging strategy used, El Salvador would have be gaining by that time.

Is there any wrong time in buying Bitcoin? Bitcoin price is highly unpredictable which makes it very difficult for investors to identify when to invest. I just observed recently that the price of Bitcoin is affected by other economic factors. The current rise in price was unforseen. I think what El Salvador needs now is patience and determination to hold Bitcoin until they recover thier losses.

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Re: A day for representation of Bitcoin

January 18, 2023, 10:27:20 AM

#17

Quote from: Oshosondy on January 17, 2023, 07:41:39 PM

Quote from: hugeblack on January 17, 2023, 07:20:39 PM

Going by the last decision on the accumulation strategies El-Savador has adopted, it's similar to that of DCA which is the most appropriate one to engage in other to cut lost, has it been it has been the one in place over time things couldn't have gone the way it went so far but nevertheless, bitcoin adoption has brought in diverse opportunities for El-Savador and it can be generally accessed as an overall good performance it has benefited through this so far, the event of miss El-Savador feature is also an attraction to it development and i think they are quite making something good thereof as well because this influence of news also has a positive impact on El-Savador bitcoin adoption.

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Re: A day for representation of Bitcoin

January 18, 2023, 12:12:25 PM

#18

We all know these actions can help bitcoin to spread the word in all over the world so more and more people will be interested on it and there will be more demand because of these interest which can help the bitcoin market and the bitcoin environment. Also this can make more countries doing the same thing like El Salvador done a few months ago about accepting bitcoin for their countries. However, I would like to say El Salvador's governments and their president Nayib Bukele didn't make a good decision about the time of accepting bitcoin because by buying bitcoin in a bad time they lost mane better opportunities for their counties and their people.

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Re: A day for representation of Bitcoin

January 18, 2023, 12:25:55 PM

#19

I think it's too early to rejoice. For bitcoin, there is a long and difficult path to go. BTC logo in a beauty pageant outfit is not what the bitcoin community expects to see.

Bitcoin-beach, to be honest, doesn't even look funny, but pitiful. Look at the muddy puddles and the flowing stream in the picture. If you see this as a positive phenomenon, then it is sad.

El Salvador is a small and weak country, what is happening in which is of little concern to the leading countries. That's when economically strong countries begin to declare the accumulation of bitcoin in their reserves, that will be positive news. So far, there is still a lot of work to be done in this direction.

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Re: A day for representation of Bitcoin

January 18, 2023, 01:04:02 PM

#20

Quote from: Despairo on January 18, 2023, 04:26:31 AM

@OP you're too late, there's already 2 threads created before about this discussion, better to lock your topic.

I wonder why this topic should have its own thread at all if we already have a general topic for El Salvador in the Bitcoin discussion - and I wonder even more what is in the minds of people who post duplicate content...

However, something caught my attention in the OP, and that is the picture that shows the direction to Bitcoin beach, which shows how poor that country is - I just hope that this water flowing downhill is not from sewage, but only from stormwater.

A message for President Bukele - instead of building pet clinics and Bitcoin city, make people sewerage and basic living conditions so that millions do not have to go abroad in search of a better life.

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