Paraguay’s Bitcoin Legal Tender Rumors — Fake News or Future Reality?
TradingKey – The claim that Paraguay has recognized Bitcoin as legal tender remains unverified, leaving room for potential price surges.
On Tuesday, June 10, Bitcoin (BTC) gained over 4%, surging past $110,000, to reach a high of $110,530, and edging closer to its May 22 record of $120,000.
Bitcoin Price Chart – Source: TradingView.
On Monday, fresh progress in U.S.-China trade negotiations led to relaxed export restrictions, sparking a Bitcoin price rebound alongside equities. Early Tuesday, reports surfaced claiming Paraguay had declared BTC legal tender, fueling Bitcoin’s further rally.
However, according to Reuters, the report was false, stemming from a hack of Paraguayan President’s X account. Hackers used the account to spread misleading information, contributing to Bitcoin’s temporary price spike before retreating to $109,000.
Although the Paraguayan president has yet to respond directly, the government acknowledged suspicious activity on his X account, urging citizens to ignore unofficial announcements.
This uncertainty leaves open the possibility that Paraguay may indeed be considering Bitcoin adoption — but is holding back an official statement for now.
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