Did Miss El Salvador cause the Bitcoin price to spike last night?

[Vaskiy]

El Salvador keeps pushing the adoption and the usage of bitcoin. The country have been making use of each and every opportunity to spread something about bitcoin. Happy they used the Miss Universe stage to show bitcoin. The designer have done it in a good way. Now users who came across bitcoin usage will give a try, if not they'll atleast know the existence of bitcoin

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[Piesel]

The impact of this event is not on bitcoin as per say because miss world is not a big enough event to trigger Bitcoin price, but what we deduce from this custom by the El Salvador miss world representative is.

Promotion of bitcoin adoption in her home country and how the global world can see the new decisions of El Salvador in bitcoin adoption through their promotions.

And since El Salvador is the first country to adopt bitcoin as legal tender it's best the push it to the frontline so that the world can see how persistent there are toward their Bitcoin policy.

[serjent05]

I do not think that Miss El Salvador carrying a huge staff with a Bitcoin sign, makes the price of Bitcoin spike.  It is more or less the release of the CPI report has something to do with it.

Bitcoin signage and promotion had been happening over the course of Bitcoin, and it is proven that even though it increases adoption, it does not create a spike in demand of Bitcoin.  It has something to do with the overtime product increase, slowly increasing demand for Bitcoin that produces price increase slowly over the span of time and not this kind of spike we experience today.

[Slow death]

Doubt it. Bitcoin has pretty much been a household name for a while now. A lady wearing a bitcoin-themed dress wouldn't suddenly make people say "omg bitcoin I'm buying now!".

 

since I entered this bitcoin market I learned two very important things:

1 - whenever the price of bitcoin or the price of any altcoin goes up a lot out of nowhere it means that there is some news that caused the price to increase, in the same way that whenever the price of bitcoin or altcoins goes down a lot and because there is some news It is very important that they made people panic and decide to sell

2 - any news that is relevant or not but that exposes bitcoin or altcoin to a certain elite audience causes many people to start buying bitcoin or altcoin and the price goes up a lot


forcing a miss to wear bitcoin clothing was a huge exaggeration, even if someone told me that she wasn't forced I wouldn't believe it, that's because it doesn't seem to me that she is such a fan of bitcoin to the point of wearing that bitcoin outfit, definitely it was not a good attitude

[dkbit98]

Alejandra Guajardo, who represented El Salvador at Miss Universe 71, wore a costume with a Bitcoin theme. El Salvador is known as the first nation to legalize Bitcoin as a form of payment. Did Miss El Salvador cause the Bitcoin price to spike last night? We have gained $1,000 over the last 12 hours.

No, Miss Universe competition never affected price of any assets in the world, including Bitcoin, but it sure did look cool to see her carry Bitcoin symbol.
I know lot of people received new El Salvador residence after they decided to make Bitcoin legal tender, but in reality Bitcoin adoption in that country is not that great.

[trendcoin]

I don't know if Miss El Salvador has raised the price of Bitcoin, but I'm sure she has raised other things. :) I always have the same opinion on such matters. Bitcoin will surely complete its mass adoption one day. It doesn't need anything. It will certainly achieve this thanks to its own characteristics. I have no doubt about it. However, I would always like to thank the people who contributed to the mass adoption of Bitcoin. Therefore, I thank Miss El Salvador for the things she has raised in me. :)

[serveria.com]

Alejandra Guajardo, who represented El Salvador at Miss Universe 71, wore a costume with a Bitcoin theme. El Salvador is known as the first nation to legalize Bitcoin as a form of payment. Did Miss El Salvador cause the Bitcoin price to spike last night? We have gained $1,000 over the last 12 hours.



They just demonstrate to the rest of the world that they are prepared to move beyond simply embracing the cryptocurrency area by changing the way we perceive a cashless society. Adoption is a real phenomenon that won't end there.

Source

If it's so, the effect is still there - I can witness some nice upwards price action right now - we're attacking $20k at the moment. If we'll breach $20k the future ahead is bright - fair chance to reach $40-50k this year and new ATH after the halving next year. 

[romero121]

Whether El Salvador wins the competition or not, the country keeps working on all possible ways to give awareness to the world. The Miss Universe competition is the real resemblance of El Salvador, because they've taken the step forward and working on it without expecting the results. The price rise over the two days will make people praise the decision of El Salvador buying bitcoin at the lowest price of recent months.

[autumnleaf]

Besides, you are forgetting that it was not "$1000 in last 12 hours", it has been $2600 or 15% rise in the past 10 days. In other words this is an upward trend that has nothing to do with such small news like this but rather a market reversal that may or may not be temporary (depends on whether it breaks $20k or not).

Edited. I appreciate the correction; based on my research into the most recent Bitcoin price, there is no doubt that this is an upward trend. I must admit that the show has little to do with the reason why BTC is pumping. I think that the FTX crash and the impending Bitcoin halving are major factors in the recent increase in the price of bitcoin.


Source

[Kemarit]

No, I don't think so, maybe she just raised awareness again when she wore that gown with BTC logo on it. I think the main reason is the CPI report that has been very positive. And so this optimism spill over to crypto and other traditional market which is always the case. Few months back with the CPI report is negative the price is affected that big.

But we have to thank Ms El Salvador for the beautiful gown capping with the Bitcoin Logo.

[laurenB7742]

I am very impressed with El Salvador as they are trying to promote bitcoin everywhere and the idea of bitcoin costume is really groundbreaking. Although they are facing a lot of criticism from western countries they still haven't given up on their goal, I really hope they will succeed when bitcoin recovers.

But I don't think this has had a positive effect on the recent bitcoin price increase, it can be said that bitcoin is having a positive impact on the economy of El Salvador, but they can't influence the bitcoin price, they are too small a country to be able to influence the market.

[Wapfika]

Besides, you are forgetting that it was not "$1000 in last 12 hours", it has been $2600 or 15% rise in the past 10 days. In other words this is an upward trend that has nothing to do with such small news like this but rather a market reversal that may or may not be temporary (depends on whether it breaks $20k or not).

I appreciate the correction; based on my research into the most recent Bitcoin price, there is no doubt that this is an upward trend. I must admit that the show has little to do with the reason why BTC is pumping. I think that the FTX crash and the impending Bitcoin halving are major factors in the recent increase in the price of bitcoin.


Source

Maybe you are not wrong too. Since there's an existing rally, any positive publicity for Bitcoin is always amplified to make crypto investors become bullish again. Bitcoin shorts are now being salvaged by hitting those liquidations. This kind of movement is impulsed which always ends up to a sever dip once there's no follow-up and no clear info on what's really going on because one of the real reasons why this kind of really happens is when retail traders ride the hype started by the whales. Everything will change once the rally didn't sustain since whales will surely gonna exit and leave retail traders high and dry once again.

[Upgrade00]

I didn't know about this news till you brought it here for discussion and I assume majority of bitcoiners did not know as well, without enough publicity, it does not have enough influence to move the price significantly. There are lots of factors going into the current uptrend in the Bitcoin market.

I must admit that the show has little to do with the reason why BTC is pumping. I think that the FTX crash and the impending Bitcoin halving are major factors in the recent increase in the price of bitcoin.

• FTX saga could only have slowed down price growth for a time and the market is not recovering from it.
• Bitcoin halving is over a year away, I don't imagine that's influencing anyone's trading decisions at this point in time.

[pooya87]

Besides, you are forgetting that it was not "$1000 in last 12 hours", it has been $2600 or 15% rise in the past 10 days. In other words this is an upward trend that has nothing to do with such small news like this but rather a market reversal that may or may not be temporary (depends on whether it breaks $20k or not).

I appreciate the correction; based on my research into the most recent Bitcoin price, there is no doubt that this is an upward trend. I must admit that the show has little to do with the reason why BTC is pumping. I think that the FTX crash and the impending Bitcoin halving are major factors in the recent increase in the price of bitcoin.

You should keep in mind that the market is more complicated than this, it is not just affected by a single news. Even the case of FTX was not the only reason causing the crash that we saw past month. There are a lot of things going on for example the severe problems that the global economy is facing that has also affected bitcoin price, then something like FTX scam happens on top of it and it acts like a catalyst.

[S A KHAIR]

Bitcoin price is going up and people are starting to find out what causes this, but whatever it is, I believe with this little news it will not be possible to make bitcoin so strong. Even if El Salvador announced that they bought more bitcoins it wouldn't be big enough to make the price of bitcoin go up let alone this little news.

[Sokoloau]

Miss Salvador cannot cause the price of Bitcoin to skyrocket, Bitcoin is not controlled by anyone. Wearing Bitcoin-themed clothing is an opportunity to spread the word about Bitcoin, contributing to widespread adoption.

[el kaka22]

I do not think that price jumped because of this, because I do not believe that not even that many people watch this, it never really felt that way at all. But at the same time, we have to say that it's an important thing and it does definitely bring a lot more eyes on bitcoin, a good thing for sure.

Something doesn't have to increase the price a lot to be a good thing for bitcoin, there are some things in the world that doesn't increase the price but still good for the long term of bitcoin and that is why I believe that we should be investing a lot more to those type of things, to make it more known and help in the long run, build some sort of strong foundation.

[Majestic-milf]

The impact of this event is not on bitcoin as per say because miss world is not a big enough event to trigger Bitcoin price, but what we deduce from this custom by the El Salvador miss world representative is.

Promotion of bitcoin adoption in her home country and how the global world can see the new decisions of El Salvador in bitcoin adoption through their promotions.

And since El Salvador is the first country to adopt bitcoin as legal tender it's best the push it to the frontline so that the world can see how persistent there are toward their Bitcoin policy.

I quite agree with your thinking. Looking at the way she presented Bitcoin using the Miss World avenue is to me a pragmatic political approach; more like using one stone to kill two birds. Given, her approach was not the actual cause of the price spike, but it's a tentative move by Nayib to somehow make the news again after passing a legislation for Bitcoin backed volcano bonds not too long ago.

[SirLancelot]

Whether El Salvador wins the competition or not, the country keeps working on all possible ways to give awareness to the world. The Miss Universe competition is the real resemblance of El Salvador, because they've taken the step forward and working on it without expecting the results. The price rise over the two days will make people praise the decision of El Salvador buying bitcoin at the lowest price of recent months.

Even if they will lose, this country will still remain as a winner in our hearts because they fearlessly showcase Bitcoin on a kind of prestige event like miss universe. They could represent other things. A thing that truly makes them remarkable as a country. There must be one other than Bitcoin or before they made Bitcoin a legal tender but we are glad that they take a risk and choose BTC this time. Winning may not be their priority anymore and they won't care if what other countries or people think about them after this.

Haven't seen or heard any positive news other than this one so this might be the reason of the immediate increase on the BTC's value. It looks like we will be having an early bull run here. This is great and thanks to El Salvador for making this possible.

[Blawpaw]

Ill tell you what. Whales made the price spike, that's what it is. Nah, mate. the reasoning behind it is that we now have confirmation of a new accumulation phase and this may be an indicator that we have already gone through half of the bear market period. Bulls seem to be holding and getting some ground, so unless we see a big dump that breaks the previous low support, there will be a lot of space to see the market growing or at the very least holding its ground.