Mayor Mizrachi of Panama City seems to be suggesting the creation of a city-held Bitcoin reserve, as indicated by a cryptic message he shared after conferring with two key figures involved in El Salvador’s Bitcoin policy.
On May 16, Mizrachi penned a message to X following his encounter with Bitcoin enthusiasts Max Keiser and Stacy Herbert based in El Salvador, mentioning “Bitcoin Asset” instead of “Bitcoin Reserve.
Mizrachi didn’t disclose what he discussed with Keiser and Herbert, but it’s worth noting that his post was made 11 days prior to the Bitcoin 2025 conference in Las Vegas, which Mizrachi is set to attend and speak at.
Establishing a Bitcoin reserve in Panama City will take place after a recent decision allowing cryptocurrency to be used for public transactions such as taxes, penalties, and city charges has been approved.
At a given point, it’s planned to accept Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC) once the infrastructure for crypto-to-fiat transactions has been set up, as stated by Mizrachi earlier.
To make a strong case for establishing a Bitcoin reserve on a national level, Mizrachi needs to work together with Panama’s National Assembly to draft appropriate legislation.
There’s no evidence to suggest that he has taken such measures.
Mizrachi’s post discusses the passing of two Bitcoin reserve bills in Arizona and New Hampshire, as per the latest legislative developments in the United States.
Reports indicate that Ukraine may be moving forward with the idea of incorporating Bitcoin into its national reserves, according to local news sources from earlier this month.
Mizrachi, Keiser and Herbert discussed Bitcoin mining, education
According to a post by Keiser, the trio discussed strategies for strengthening Bitcoin mining activities in Panama and El Salvador using renewable energy sources.
“Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”
Additionally, Herbert mentioned that Panama City plans to add the “What is Money?” financial literacy textbook from El Salvador into its digital library collection.
Keiser and Herbert have been instrumental in shaping El Salvador’s Bitcoin strategy, an approach that incorporates a Bitcoin reserve totaling 6,179 Bitcoins (BTC), approximately equivalent to $640 million in value.
In this setup, Keiser functions as President Nayib Bukele’s Bitcoin consultant, whereas Herbert oversees the nation’s Bitcoin Administration office.
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2025-05-17 08:38