Paraguay has made history by declaring Bitcoin legal tender, with President Santiago Peña announcing the groundbreaking move on Twitter. According to Peña, this landmark decision signifies a key step in fostering economic transformation within the nation. He elaborated that after extensive reviews and expert consultations, he enacted legislation recognizing Bitcoin as a legal tender currency for Paraguay’s vast population. This bold initiative has also seen the government secure $5 million worth of Bitcoin as part of its national reserves. The move opens opportunities for citizens with access to cryptocurrency tools, enabling them to invest in government bonds, benefitting from the policy shift. Bitcoin’s price is anticipated to reach potentially record-breaking levels as a result of this announcement. The news coincides with heightened institutional interest as seen by the BlackRock iShares Bitcoin Trust (IBIT) recently exceeding $70 billion in assets under management. While market speculation abounds, concerns regarding the legitimacy of the government’s Bitcoin wallet have surfaced due to the limited activity and low balance. Further analysis on the authenticity of this announcement will be crucial.