But the trust in ‘King Crypto’ is constantly increasing.
Alejandra Guajardo, El Salvador’s representative at Miss Universe 2023 took the stage with utmost grace, in a dress that made instant headlines. Alejandra chose to wear a dress that showcase the history of currencies used in her country, El Salvador. From coffee beans to the Colon and later the US dollar, Alejandra’s dress incorporated all these forms of cash, however, the highlight of her dress was something else.
Alejandra also had a staff in her hand with a large physical Bitcoin on top of it, indicating the acceptance of Bitcoin as the legal tender in El Salvador. El Salvador became the first country in the world to accept Bitcoin as a legal tender in 2021.
Even though the decision to make Bitcoin a legal tender was not welcomed on international forums, it illustrated that Bitcoin can emerge as a hedge against inflation in weaker economies. This is also seen as a direct threat to the global hegemony of the U.S. dollar.
Nayib Bukele, the president of El Salvador, is a leading Bitcoin enthusiast and believes that the future belongs to cryptocurrencies. The government of El Salvador has also declared in Nov 2022 that they will be buying 1 Bitcoin every day for ‘Bitcoin Cost Averaging’. However, there is no clear evidence that Bukulele actively influenced the decision of Alejandra Guajardo.
“This look represents El Salvador’s history of currency, for a long time, cocoa was used, and then the colón, until it was replaced by the U.S. dollar.” And then, of course, came Bitcoin. You don’t need a sash to walk around dressed as cash, like El Salvador,” said, the pageant’s announcer during the ramp walk.
This news has come right after El Salvador’s Digital Currency Law that protects the transfers and debt issues for cryptocurrencies.
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