Key Highlights
- The now-deleted decree on X claimed Bitcoin was legal tender and backed by a $5M national reserve
- Officials say the announcement was likely the result of a hack, sparking formal investigations
Yello Paradisers! Is Latin America’s next big crypto adoption already here, or was it just a hacker pulling strings behind a president’s keyboard?
Two things happened almost simultaneously this week: Paraguayan President Santiago Peña’s official X account lit up with a declaration that Bitcoin was now legal tender in the country, and the entire crypto world gasped. But within minutes, the dream started to unravel, and fast.
A Decree Out of Nowhere
The announcement, seemingly presidential and even stamped with Paraguay’s coat of arms, claimed the government would both hold Bitcoin and issue crypto-linked national bonds to citizens. It sounded monumental—historic, even. But there was one problem: nobody else in the Paraguayan government had a clue it was coming.
Local media found nothing. Government websites? Silent. And the formatting of the “official decree” was so off that it felt like ChatGPT wrote it on tequila. No ministerial sign-offs, weird investor pitch language, and conveniently timed market bait? Suspicious doesn’t even begin to cover it.
Reuters later confirmed that Peña’s X account was showing “irregular activity.” Translation? Someone else was likely behind the keyboard, and the bold Bitcoin move was possibly the work of a politically motivated or opportunistic hack.
The Bitcoin Legal Tender Dream—Still On Hold?
For Bitcoiners who’ve been waiting for another El Salvador-style moment, the fake announcement was like being shown the gates of Paradise, only to get booted by a security guard in a Guaraní suit.
The irony? Paraguay has been flirting with crypto adoption for months, especially around Bitcoin mining due to its massive hydroelectric capacity. But an official move like this would require legislative processes, not surprise social media drops at 3 a.m.
Still, the stunt stirred global speculation and underscored just how ready crypto markets are to react—or overreact—to any hint of sovereign adoption.
Don’t get caught off-guard by hype or hacks. Stay ahead with verified analysis, not viral chaos—just $3/month for access to MCP News Private (cheaper than your daily coffee, more reliable than a president’s X account).
And if you caught our recent YouTube stream, you’ll know we already warned our viewers about the political noise and volatility risk in LATAM crypto narratives.
Subscribe to our stream channel now so you don’t miss the next predictive edge.
Serious about winning? Then you need our elite edge—Join ParadiseFamilyVIP for premium signals trusted by professionals.
