Panama City Mayor Hints at Establishing a Bitcoin (BTC) Reserve

Panama City Mayor Mayer Mizrachi has hinted at establishing a city-level Bitcoin reserve in a cryptic post following his meeting with two of El Salvador's Bitcoin policy leaders.

Panama City Mayor Mayer Mizrachi has hinted at establishing a city-level Bitcoin (BTC) reserve in a cryptic post following his meeting with two of El Salvador’s Bitcoin policy leaders.

"Bitcoin Reserve," Mizrachi wrote to X on May 16 after meeting El Salvador-based Bitcoiners Max Keiser and Stacy Herbert.

While Mizrachi didn't share details about his discussions with Keiser and Herbert, the timing of the post comes 11 days before the Bitcoin 2025 conference in Las Vegas, where Mizrachi is scheduled to speak.

The creation of a Bitcoin reserve in Panama City would follow a recently approved measure permitting the use of crypto for public payments, including taxes, fines and municipal fees.

BTC, Ether (ETH), Tether (USDT) and USDC (USDC) will be accepted once the crypto-to-fiat payment rails are established, Mizrachi said at the time.

To push for a Bitcoin reserve at the federal level, Mizrachi would need to collaborate with Panama’s National Assembly to craft legislation.

There’s no evidence to suggest that he has taken such measures.

Mizrachi's post follows the recent enactments of two Bitcoin reserve bills in the US states of Arizona and New Hampshire.

Ukraine is also reportedly inching closer toward adopting Bitcoin as a national reserve asset, local media reported earlier in the month.

Mizrachi, Keiser and Herbert discussed Bitcoin mining, education

A post from Keiser suggests the trio spoke about how Panama and El Salvador can leverage renewable energy to bolster their Bitcoin mining operations.

"Great meeting with the Mayor of Panama City, Mayer Mizrachi. We discussed how both Panama & El Salvador can use clean, renewable energy to mine Bitcoin on a massive scale, in order to underpin both nations' economies with the world's best monetary system," Keiser wrote.

Herbert also noted that Panama City will integrate El Salvador's "What is Money?" financial literacy textbook into its online library system.

"Today we met with the mayor of Panama City to discuss how to best integrate our "What Is Money?" modules into the Panama City online library system for the benefit of the youth of Panama. We also spoke about the importance of macroeconomic stability and how Bitcoin can contribute to it in the Central American region, especially with both countries having an abundance of renewable energy to power the Bitcoin network."

Keiser and Herbert have played a crucial role in crafting El Salvador's Bitcoin policy, which includes a Bitcoin reserve consisting of 6,179 BTC, worth nearly $640 million.

Keiser serves as President Nayib Bukele's Bitcoin advisor, while Herbert runs the country's Bitcoin Office.