đš Bitcoin Soars Past $110K After Paraguayâs President Hints at Legal Tender
On Monday, Paraguayan President Santiago Peña's X account was purportedly hacked.
A removed post erroneously claimed Paraguay had legalized Bitcoin with a $5 million BTC reserve.
Bitcoin topped $110,000 after the X post and US-China trade discussions.
Bitcoin (BTC) gained 4% on Monday after Paraguayan President Santiago Peña's hacked X account announced its legal currency status.
Bitcoin rises after Paraguayan President's strange X post
On Monday, Paraguayan President Santiago Peña's X account was hacked, as reported by the official presidential account.
The letter followed a questionable tweet by Peña claiming Bitcoin was authorized as "legal tender" in the nation. The tweet said the President authorized a $5 million Bitcoin reserve and "bond access for crypto-enabled citizens." The English letter advised investors to "secure your stake in Bitcoin now" and gave a wallet address.
The Presidencia Paraguay account reported and removed the post minutes later. Investors have not reported losses from the article, although crypto community users indicated the wallet address held just $4.
A prominent figure's X account has been hacked before to defraud followers with Bitcoin. In 2020, former US Presidents Joe Biden and Barack Obama's supporters lost over $100,000 to Bitcoin hacking.
Bitcoin gained 4% and broke $110,000 after the news. The good performance followed a London conference between US delegations led by Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent and Chinese counterparts led by Vice Premier He Lifeng.
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