Panama City’s mayor, Mayer Mizrachi, has stirred speculation about the city adopting Bitcoin as a reserve asset after a recent meeting with prominent figures from El Salvador’s Bitcoin initiative.
On May 16, Mizrachi posted the words “Bitcoin Reserve” on X (formerly Twitter), shortly after holding discussions with El Salvador-based Bitcoin advocates Max Keiser and Stacy Herbert.
Although Mizrachi hasn’t publicly revealed the specifics of their conversation, the announcement comes just ahead of his scheduled appearance at the Bitcoin 2025 conference in Las Vegas, set for later this month.
Should Panama City move forward with a Bitcoin reserve, it would build upon a newly passed measure that allows residents to use cryptocurrencies—including Bitcoin, Ether, USDT, and USDC—for municipal payments such as taxes and fees. Mizrachi previously noted that the city is working to implement crypto-to-fiat infrastructure to enable these transactions.
Expanding this initiative to the national level would require legislative collaboration with Panama’s National Assembly. At this stage, there’s no indication that such federal efforts have begun.
This development mirrors similar moves in the United States, where Arizona and New Hampshire have introduced Bitcoin reserve legislation. Ukraine is also reportedly considering adopting Bitcoin as a sovereign reserve asset.
Keiser shared that the meeting also involved discussions on Bitcoin mining and financial education, highlighting the potential for Panama and El Salvador to use renewable energy sources—like Panama’s hydro and El Salvador’s geothermal power—for sustainable mining operations.
Herbert added that Panama City plans to include El Salvador’s “What is Money?” financial literacy curriculum in its digital library network.
Keiser and Herbert have been instrumental in shaping El Salvador’s Bitcoin policy, which includes a national reserve holding over 6,100 BTC, valued at nearly $640 million. Keiser serves as a key advisor to President Nayib Bukele, while Herbert leads the nation’s Bitcoin Office.
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