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

[so98nn]

I am coming to know this today and I’m sure there might be millions of people who does not even know if such event ever happened. I highly doubt that such news is responsible for the price hike of bitcoin. We have entered into new year and last year’s agenda is now long gone. Bitcoin already had discounted rates and whales already bought all they could. Miss El Salvador is doing good job with such stunt and it might be affecting the local community a lot. Good job though.

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[famososMuertos]

OP: I saw that news but it's not even close to relating it to the price rise... but! it all adds up to the process of channeling ideas around bitcoin.

That the "Miss Universe" organization would have allowed it is in itself a positive process, knowing that there are so few spaces that can give exposure to bitcoin as it international event is.

In any case, perhaps the repercussion is very specific, but if the "Miss El Salvador" will win (it is unlikely), its impact newscast would be greater, but even that would not have an immediate effect (price), but it would be beneficial in the dissemination process.

I think that in this effect of diffusing, if that's the case, I would have to think if, for example, Shakira had said: "You changed 1 BTC for $1"  

[Z-tight]

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.

This didn't contribute to widespread adoption. El Salvador contributed to widespread adoption when they adopted BTC as a legal tender in their country, things like that is what contributes greatly to BTC's mass adoption, and not a costume, so many people have shirts with the BTC logo inscribed on it, or vehicles, motocycles, bicycles, etc, with a BTC sticker on it, doing that can get one or two people interested when they see it and if they become curious, but for it to start a spike in price or mass adoption is not possible.

[Doan9269]

Bitcoin moves above 200 MA, who knows maybe this is one of the reasons to the recent changes in bitcoin price that have caused the surge but i can't agree the Miss El-Savador's event is the reason behind the increase but there could be coincidence atimes, let's give it a look at what the stats says here.

https://twitter.com/BTC_Archive/status/1614024557006032896?t=JojgGzK0Oq8muX7W1CHgkg&s=19


Long term holders of btc at 85 %

https://twitter.com/DocumentingBTC/status/1613875110540152832?t=J4R7T44Zg_G3KtmQQnAxCg&s=19


If you consider the downtrend moves on bitcoin price in couple of months back you will discover that things have begin to change well in favour of every bitcoiners around the world having one thing or the other which tied them to bitcoin and just as you can see the positive change ongoing even though it has not achieved where it should be but there's every indications bitcoin is making some positive moves starting from the bitcoin statistic that shows long term as holders now get to the range of about 85%

[Casdinyard]

It is not a Bitcoin adoption and Bitcoin did not pump because of this show.

I agree. It is difficult to know what causes a price spike because there are so many players interacting in the market. I think a price recovery is within the normal range for this 2023 once most of the leverage garbage is gone and we are getting closer to halving, although there is still more to come.

The Miss promoting Bitcoin is fine with me, as is anything that helps popularize it, but I think it is extremely unlikely to have anything to do with the price rise.

Mans literally just stated what seems to be the most probable cause for bitcoin's rise in value last night. But as you have said, a price recovery is already due within this year, just so happened that it coincided with Miss Universe and Miss El Salvador's costume showcase, although honestly speaking the price rise could also be attributed to the showcase, as it literally promoted bitcoin in one of the most prestigious beauty pageant in the world. Then again I really do think it's just bitcoin riding the same trend in valuation as with other stores of value rather than a measly showcase in a pageant.

[Ryu_Ar1]

I don't think so, indeed in this case it's a little surprising when the miss who represents El Salvador really amazed me by daring to make a bitcoin-themed concept but I think it's not a suitable thing to see bitcoin now being lifted.
The condition and the news about the statement from the CPI and the US's announcement of its inflation data has lifted this, I think.

[serjent05]

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

I think you have forgotten those who have a huge stash of Bitcoin can possibly have something to do with the price increase.  Remember these people called whales have the influence to impact the market.  A sudden rise in price is mostly contributed by these whales executing their scheme.  Honestly, I really doubt the report like CPI would move the price of Bitcoin at this length, I believe it is a made reason so that whales who are acting behind won't be noticed.

[nurilham]

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?

People already know what Bitcoin is, so what Miss El Salvador did shouldn't cause a significant impact on Bitcoin price. If Bitcoin can increase constantly in the last few days, it seems caused by other factors. I assume people have a better desire to buy Bitcoin because there are no longer bad news/issues. So, by more people bought Bitcoin, the price can increase constantly. It seems people don't want to miss a chance to buy at a lower price. Another reason, we are already in the 2nd year of bearish. So, in theory, the price should increase gradually and the dip rate have been passed already in the last year.

[Guessti]

The spike was caused by FTX finding billions more in assets. You guys seriously asking this question?

[n0ne]

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?

People already know what Bitcoin is, so what Miss El Salvador did shouldn't cause a significant impact on Bitcoin price. If Bitcoin can increase constantly in the last few days, it seems caused by other factors. I assume people have a better desire to buy Bitcoin because there are no longer bad news/issues. So, by more people bought Bitcoin, the price can increase constantly. It seems people don't want to miss a chance to buy at a lower price. Another reason, we are already in the 2nd year of bearish. So, in theory, the price should increase gradually and the dip rate have been passed already in the last year.

This is the coincidence. Whenever something happens positive in the market, people connect the move along with some incident that is happening around related to bitcoin. One such incident have taken place from the Miss Universe participant of El Salvador having bitcoin theme. Maybe that could've made unknown people look for bitcoin. The increase in price is out of other factors, particularly for the year 2024 to be bullish what we experience right now seems to be the start. How far this gonna get growing isn't known, it is good to enjoy when we get the opportunity. Watching the market closer will let you understand whether the market gonna grow continously or gonna drop down, based on which we need to make our moves that cab help in accumulate bitcoins.

[MarjorieZimmermanGinger]

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?

The bitcoin pumping was not caused by Miss El Salvador wearing a bitcoin themed costume, personally I saw the recovery and pumping that occurred in bitcoin in the last few days due to cyclical factors, this relationship is more acceptable and has been proven in previous years against ongoing cycles.

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.

This is more of an introduction to the world, that El Salvador is seriously working on bitcoin adoption and even though they have done that long before this. In marketing science this kind of thing is good to apply, because it will affect some audiences indirectly, but in terms of adoption there is a special relationship that needs to be done, both technically and in other approaches.

[fadhilz123]

This is more of an introduction to the world, that El Salvador is seriously working on bitcoin adoption and even though they have done that long before this. In marketing science this kind of thing is good to apply, because it will affect some audiences indirectly, but in terms of adoption there is a special relationship that needs to be done, both technically and in other approaches.

El Salvador has indeed seen Bitcoin as a very serious asset long ago and never cared about the words of other people who might only scare them through the level of risk that the country will face. And after the successful adoption of Bitcoin in El Salvador, recently or to be exact in the last three days, El Salvador has approved a law that will govern the issuance of other digital assets by both the state and private entities.

The bill, backed by lawmakers from the ruling party allied to President Nayib Bukele, aims to attract national and foreign investors while creating new financing opportunities for citizens, companies and the government. Source: https://www.aljazeera.com/news/2023/1/12/el-salvador-passes-law-on-cryptocurrency-transfers

[hyudien]

It's because some investors are starting to enter the market again and it seems like the last lower price is before that spike. Now we will gonna observe what will gonna happen next because if my speculation is right, this is the start of the price recovery. Still, we need to be careful on bull trap and we need to hold our horses because this hype might be the cause for other investors to backout.

Not sure if only the display has a big impact on the price. However, it is definitely time for this increase to start because investors have entered since early January to make purchases. A large pool of investors may not appear in public but we can see the impact of an increase in a short span of time. Bitcoin has become a common part of investing and people are becoming more confident about what they are buying in the long term. Moreover, we believe that ATH is still on track every 4 years. So that the beginning of 2023 will be used as an opportunity that investors will not let go.

[Bitstar_coin]

It is not a Bitcoin adoption and Bitcoin did not pump because of this show. After months of accumulation and with a trend of bullish from stocks, gold in early 2023, Bitcoin joined the trend with its pump recent hours.

Adding a Bitcoin icon to her costume is not a Bitcoin adoption. It is a marketing noise, not adoption.

Adoption is when there is an agreement between buyer and seller to use Bitcoin as an exchange mean for their trade. The girl did not make any trade with her costume in the show.

She could do it by her idea but she could do it with a request from her President Nayib Bukele who strongly loves and supports Bitcoin. He put his nation to a bet with Bitcoin investment, Bitcoin bond (Volcano bond) and I am not surprised if the Venezuela Miss got a request from him.

Since they already adopted btc what else would they  have to do than try and market it. And what is wrong with marketing btc to the whole world?

What I see is a confident country who despite all oppositions is not backing down on their goal.
If you can imagine the number of attendees in that event you would understand the importance of it all. How else can btc supporter's get the whole world to know about it if not through creating awareness.

The more people in btc the better, it will perhaps reduce the amount in the hands of a few whales.

[Jawhead999]

The spike was caused by FTX finding billions more in assets. You guys seriously asking this question?

Not really, the fact is FTX haven't distribute the funds to their victims, the news of FTX already have 5 Billions is still just their claim and there's no way to verify it. Even FTX can recover all of their money, it doesn't mean their customers have a same confidence to use FTX again.

The more people in btc the better, it will perhaps reduce the amount in the hands of a few whales.

There's nothing wrong if few whales hold huge portion of Bitcoin, if they can hold huge amount Bitcoin, it means they've spend a lot money to buy it. Actually in Bitcoin, we need a people who can hold Bitcoin for long time and not willing to sell it for cheap, so it will increase the price since people need to follow the seller's price.

[DanWalker]

Bitcoin has rallied, and there hasn't been any news to legitimize things, so it's not surprising that people try to attach any news regarding bitcoin's price increase. But to say that this news is driving bitcoin up is really underestimating bitcoin. Bitcoin can't go up in price just because a girl wearing a bitcoin logo outfit on the catwalk can affect it. If bitcoin was so easy to manipulate, then I think Elon could have bought all the bitcoins in circulation .

[GreatArkansas]

The spike was caused by FTX finding billions more in assets. You guys seriously asking this question?

It's normal to ask this question because the same time, Miss Universe happened also and the appearance of a Bitcoin candidate which is from El Salvador made a surprise to the world.
By doing this, Bitcoin did an amazing advertisement again to the world. The announcer also told about how El Salvador using Bitcoin as legal tender and I believe this is a big W for Bitcoin.

[KaliLinux]

The spike was caused by FTX finding billions more in assets. You guys seriously asking this question?

It's normal to ask this question because the same time, Miss Universe happened also and the appearance of a Bitcoin candidate which is from El Salvador made a surprise to the world.
By doing this, Bitcoin did an amazing advertisement again to the world. The announcer also told about how El Salvador using Bitcoin as legal tender and I believe this is a big W for Bitcoin.

Regardless, I don't think that this was the reason Bitcoin moved the way it did because if anyone have been following the chat since the beginning of the year, you would realize that Bitcoin has actually been rising in the immediate short term from the about the first daily candle of Jan. 2023.

[solehdavid]

it's just an advertisement, i don't think it has any impact on the current value of bitcoin. the bitcoin market is not soft enough to change when a beautiful woman poses for the cameras with a bitcoin sign in her hand, i think it was just a coincidence. still i would say it's a positive advertisement for bitcoin from a marketing point of view

[MoonOfLife]

it's just an advertisement, i don't think it has any impact on the current value of bitcoin. the bitcoin market is not soft enough to change when a beautiful woman poses for the cameras with a bitcoin sign in her hand, i think it was just a coincidence. still i would say it's a positive advertisement for bitcoin from a marketing point of view

Rather, it's an advertisement from El Salvador, they are looking to help bitcoin grow because when bitcoin grows, they will also be the beneficiaries. It's funny to think that it's this little thing that makes bitcoin go up in price. I guess bitcoin price increase is due to sharks pumping, and manipulating market sentiment or maybe it is because CPI is falling and that is a positive sign for the world economy.