Panama City Mayor Hints At Possible Bitcoin Reserve After Crypto Meeting

Panama City Mayor Mayer Mizrachi surprised many with a mysterious X post on May 16. The post made people wonder if Panama City might start a Bitcoin (BTC) reserve. This came shortly after the Mayor met with Max Keiser and Stacy Herbert, two important people behind El Salvador’s Bitcoin strategy.

Panama Leader Met with El Salvador’s Bitcoin Experts

Max Keiser and Stacy Herbert’s meeting with Panama leaders has raised speculation about the city’s crypto plans. Keiser and Herbert are well-known in the crypto industry for helping create El Salvador’s Bitcoin policies. 

Keiser advises President Nayib Bukele on Bitcoin, while Herbert leads the country’s Bitcoin Office. 

Although the details of their discussion remain unknown, Mayor Mizrachi’s post suggests that Panama City may be considering a similar approach to Bitcoin.

Keiser recently highlighted Central America’s potential in the Bitcoin revolution. He pointed out how El Salvador’s geothermal energy and Panama’s hydroelectric power could fuel this movement. This shows a vision where Bitcoin is not just a currency but a part of a larger economic and environmental plan.

El Salvador has made headlines with its bold Bitcoin strategy. The government has added over 6,000 Bitcoin units to its national reserves, worth about $644 million as of mid-May.

Panama City Encourages Crypto Adoption

Even before the Bitcoin reserve talk, Panama City had made significant steps toward embracing digital assets. In April, it approved using crypto assets for public payments. 

Now, residents can pay taxes and fees with Bitcoin, Ethereum (ETH), and stablecoins. This makes Panama City the first government in Panama and now among the countries in the world to accept crypto for official payments.

Panama City also wants to teach young people about money and Bitcoin. Stacy Herbert said the city will add El Salvador’s book “What is Money?” to its digital libraries. This book will help students and teachers learn about money using Bitcoin as the main example. 

Mayor Mizrachi is also set to speak at the upcoming Bitcoin 2025 Conference. This shows that Panama City is joining meaningful conversations about Bitcoin worldwide.

A Global Trend Toward Bitcoin Reserves

Panama City’s possible interest in a Bitcoin reserve follows a global trend. Countries like Ukraine are exploring Bitcoin to protect their economies from financial risks. Russia revealed its long-term plan, aiming to include BTC  in its reserves by 2028, as part of a bigger goal to reduce its reliance on the U.S. dollar. 

Meanwhile, a presidential candidate has proposed a national Bitcoin reserve to promote technological innovation in Poland. Additionally, in the United States, the conversation is already advancing at the state level with Roswell, a city in New Mexico, becoming the first city in the country to adopt Bitcoin as a part of its financial reserve.