On June 10, 2025, a tweet from Paraguayan President Santiago Peña's verified X account claimed that Paraguay had legalized Bitcoin and established a $5 million reserve for crypto users. The tweet, which was later deleted, included a wallet address for staking BTC, raising suspicions among crypto enthusiasts. Shortly after, the official government account clarified that the president's account had been hacked and the information was false. Despite being a hoax, the tweet caused Bitcoin prices to surge over 4%, reaching a peak of $110,450. This spike was influenced not only by the fake news but also by positive macroeconomic signals, including trade discussions between the US and China and the advancement of the CLARITY Act in the US. The incident highlights the volatility of crypto markets, where misinformation can lead to significant price movements. While Paraguay is known for its cheap hydroelectric power, which supports mining, there are currently no official plans to adopt Bitcoin as legal tender. Read more AI-generated news on: https://app.chaingpt.org/news

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