By Chris Hollingworth 
Panama City Mayor Mayer Mizrachi recently hinted at the possibility of establishing a city-level Bitcoin reserve in a mysterious post shared after his meeting with prominent Bitcoin policy leaders from El Salvador. In the post dated May 16, Mizrachi simply wrote, “Bitcoin Reserve,” without divulging specific details about his discussions with Max Keiser and Stacy Herbert from El Salvador.
The timing of Mizrachi’s post is notable as it precedes the upcoming Bitcoin 2025 conference in Las Vegas, where the Mayor is slated to speak. The potential creation of a Bitcoin reserve in Panama City comes on the heels of a recently approved measure allowing the use of cryptocurrencies for public payments, including taxes, fines, and municipal fees. Mizrachi indicated that Bitcoin (BTC), Ether (ETH), Tether (USDT), and USDC (USDC) would be accepted once the necessary crypto-to-fiat payment infrastructure is in place.
To establish a Bitcoin reserve at the federal level, Mizrachi would need to collaborate with Panama’s National Assembly to draft appropriate legislation, though there is no concrete evidence suggesting such steps have been taken thus far. In a broader context, recent developments include the passing of two Bitcoin reserve bills in the U.S. states of Arizona and New Hampshire, with Ukraine also reportedly moving closer to incorporating Bitcoin as a national reserve asset.
During their meeting, Mizrachi, Keiser, and Herbert reportedly delved into discussions on Bitcoin mining and education. Keiser highlighted the potential for leveraging renewable energy sources in Central America, specifically mentioning how El Salvador’s geothermal energy and Panama’s hydro-electric power could support the Bitcoin mining sector. Herbert also mentioned the integration of El Salvador’s financial literacy textbook, “What is Money?,” into Panama City’s online library system.
Keiser and Herbert have been instrumental in shaping El Salvador’s progressive Bitcoin policies, including the establishment of a Bitcoin reserve comprising 6,179 Bitcoin (BTC) valued at nearly $640 million. Keiser serves as an advisor on Bitcoin to President Nayib Bukele, while Herbert heads the country’s Bitcoin Office. The evolving landscape of Bitcoin adoption and policy developments underscores the increasing intersection of cryptocurrencies with traditional financial systems and government frameworks.
