Paraguay Bitcoin Legal Tender Tweet Sparks Confusion—Experts Suspect Presidential Account Hack

Paraguay Bitcoin Legalization Tweet Likely a Hoax, Not Policy Shift

A surprise tweet from the official X account of Paraguay’s President Santiago Peña has triggered widespread speculation after claiming the country had adopted Bitcoin as legal tender. The post, accompanied by a graphic resembling a presidential decree, asserted that Paraguay had created a $5 million Bitcoin reserve and would offer crypto bonds to “crypto-enabled citizens.”

But within hours, crypto analysts and political observers began sounding alarms: the announcement appears to be fake, and the president’s account may have been compromised.

All Signs Point to a Hack

The image shared in the tweet carries telltale signs of inauthenticity. The formatting doesn’t match official government documentation, and the language includes awkward, informal phrases that are uncharacteristic of legal or economic policy statements. Terms like “etiquetado de tesorería” and “ciudadanos habilitados por criptomonedas” have no precedent in Spanish legal documents or central bank directives.

Most damning of all, the post included a Bitcoin wallet address—a glaring red flag and a classic feature of crypto scams. No legitimate government announcement has ever included a public wallet request in this fashion.

Further casting doubt, President Peña has not previously expressed public support for making Bitcoin legal tender. While Paraguay has welcomed Bitcoin mining—thanks to its abundant hydroelectric power—the government has been cautious about integrating crypto into its broader financial system. Concerns have repeatedly been raised about unlicensed miners straining the national grid and bypassing regulations.

Peña, a former International Monetary Fund advisor and trained economist, has focused primarily on digital infrastructure and fiscal reform during his tenure—not cryptocurrency adoption.

No Policy Backing, No Precedent

There is no legislative backing or policy roadmap for the claims made in the tweet. Paraguay’s Congress did consider a bill in 2021 aimed at regulating cryptocurrency mining and exchanges, but that legislation did not propose Bitcoin as legal tender and occurred before Peña took office.

Current financial and regulatory policies under Peña's administration have not hinted at any shift toward national crypto integration. No press conference, central bank statement, or secondary confirmation has followed the viral tweet.

Given this context, the post appears to be part of a growing trend of high-profile account hacks targeting crypto enthusiasts. Similar incidents have occurred with other world leaders and public figures, often attempting to trick users into sending funds to fraudulent wallet addresses.