El Salvador’s representative at Miss Universe 2023 competes in bitcoin-themed costume

Alejandra Guajardo wore a bitcoin-themed outfit to the Miss Universe pageant, honoring the queen of cryptocurrency adopted as legal tender in 2021 by El Salvador.

El Salvador wants to let as many people as possible know that it is proud to have accepted bitcoin as legal tender. El Salvador’s Miss Universe 71 representative, Alejandra Guajardo, wore a bitcoin-themed outfit at the “National Costume Show” for the Miss Universe 2023 pageant on Wednesday night.

“This look represents the history of currency in El Salvador,” said the pageant host. “For a long time cacao was used, then col√≥n until it was replaced by the US dollar. Then in 2021 El Salvador became the first country to accept bitcoin as legal tender.”

If bitcoin experiences a moment of calm, remember that the cryptocurrency has lost almost 70% of its value since its peak of $69,000 in November 2021. In this context, we are still far from a very wide adoption of bitcoin in El Salvador as a means of payment , where locals remain vigilant.

2% of trades

In fact, despite 4 million downloads of the Chivo wallet in El Salvador, out of a population of 6.5 million, only 2% of trades is made through this system, according to former central bank president Carlos Acevedo.

Faced with the reluctance of the inhabitants, El Salvador nevertheless decided to go even further. The country passed a law on Wednesday that aims to regulate all cryptocurrencies, not just bitcoin. This law aims to legally protect crypto transfers as well as debt issues with cryptocurrencies.

For his part, the president of El Salvador continues to believe in the potential of bitcoin. He had announced in mid-November that he would buy one bitcoin a day when the crypto is below $20,000. It is unclear how long this will last for him as bitcoin is still far from surpassing $20,000.

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