Panama City Mayor Mayer Mizrachi recently sparked speculation about the possibility of a Bitcoin reserve after a mysterious post on his official X account on May 16. In the post, Mizrachi simply wrote “Bitcoin reserve,” leaving followers and crypto enthusiasts intrigued.
The speculation was fueled by Mizrachi’s recent meeting with Max Keiser and Stacy Herbert, who are instrumental in shaping El Salvador’s Bitcoin policy. Keiser, serving as President Nayib Bukele’s Bitcoin advisor, and Herbert, leading the country’s Bitcoin Office, have been at the forefront of El Salvador’s efforts to accumulate Bitcoin reserves. Currently, El Salvador holds 6,178 BTC, worth approximately $644 million.
While the details of Mizrachi’s discussion with Keiser and Herbert remain undisclosed, the timing of his cryptic post suggests that the idea of establishing a Bitcoin reserve may have been on the agenda. Keiser had previously highlighted the potential role of Central American countries like El Salvador and Panama in driving the Bitcoin revolution, citing their geothermal and hydro-electric resources as key drivers.
The interest in national Bitcoin reserves is gaining momentum globally, with countries like Ukraine exploring the idea as a hedge against financial uncertainties. This trend is further bolstered by US President Donald Trump’s pro-crypto policies.
Panama City has already demonstrated a strong embrace of Bitcoin and digital assets. In April, the city council approved the use of cryptocurrencies for public payments, allowing residents to settle taxes, fines, permits, and municipal fees using Bitcoin, Ethereum, and stablecoins. This move positions Panama City as a trailblazer in crypto adoption within government institutions.
Additionally, Panama City is set to integrate El Salvador’s “What is Money?” financial literacy textbook into its digital libraries, aiming to educate students and teachers on financial principles through the lens of Bitcoin. This initiative underscores the city’s commitment to enhancing digital literacy among the youth.
Mayor Mizrachi’s upcoming speaking engagement at the Bitcoin 2025 Conference further solidifies his administration’s alignment with global crypto thought leaders. The city’s proactive approach towards Bitcoin adoption and financial innovation is setting a positive precedent for other jurisdictions to follow suit.
As Panama City continues to make strides in embracing Bitcoin and digital assets, the possibility of establishing a Bitcoin reserve could mark a significant milestone in the city’s evolution as a crypto-friendly jurisdiction. The convergence of global crypto trends and local initiatives is shaping Panama City’s role in the broader cryptocurrency landscape.