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Panama City Mayor Mayer Mizrachi’s recent social media post hinting at a potential city-level Bitcoin reserve has sparked considerable interest. Following a meeting with El Salvador’s prominent Bitcoin advocates, Max Keiser and Stacy Herbert, Mizrachi cryptically tweeted “Bitcoin Reserve” on May 16th. This announcement comes just eleven days before the Bitcoin 2025 conference in Las Vegas, where Mizrachi is a scheduled speaker.
While details of the meeting remain undisclosed, the timing suggests a deliberate strategy to generate pre-conference buzz. The proposed Bitcoin reserve aligns with Panama City’s recent approval of cryptocurrency for public payments, encompassing taxes, fines, and municipal fees. Bitcoin (BTC), Ether (ETH), Tether (USDT), and USDC will be accepted once the necessary payment infrastructure is in place.
To establish a Bitcoin reserve at the national level, however, Mizrachi would require collaboration with Panama’s National Assembly to draft and pass relevant legislation. Currently, there’s no public evidence suggesting such legislative efforts are underway.
Mizrachi’s announcement follows similar moves in Arizona and New Hampshire, which recently enacted Bitcoin reserve bills. Furthermore, reports suggest Ukraine is exploring the adoption of Bitcoin as a national reserve asset.
Keiser’s subsequent post indicates the meeting also focused on leveraging renewable energy sources – Panama’s hydroelectric power and El Salvador’s geothermal energy – to support Bitcoin mining operations in both countries. Herbert added that Panama City will incorporate El Salvador’s “What is Money?” financial literacy textbook into its online library system.
Keiser and Herbert’s significant roles in shaping El Salvador’s Bitcoin policy, including its substantial Bitcoin reserve, are well-documented. Keiser serves as an advisor to President Nayib Bukele, while Herbert heads El Salvador’s Bitcoin Office. Their involvement lends credibility to Mizrachi’s pursuit of a similar initiative in Panama City. The potential ramifications for both cities and the broader cryptocurrency landscape remain to be seen.
