Panama City Mayor Suggests Bitcoin Reserves After Discussing with El Salvador Advisors
Mayor Mayer Mizrachi of Panama City sparked rumors about the potential for a Bitcoin reserve with a vague tweet on May 16.
In his tweet, Mizrachi stated:
“Bitcoin reserve.”
This enigmatic message came after a meeting with Max Keiser and Stacy Herbert, prominent figures in the development of Bitcoin policies in El Salvador. Keiser currently advises President Nayib Bukele on Bitcoin issues, while Herbert oversees the nation’s Bitcoin Office.
El Salvador has adopted an innovative financial framework aimed at accumulating Bitcoin for its national reserves. As of May 15, the country possesses 6,178 BTC, which is approximately valued at $644 million.
The specifics of their conversation remain undisclosed, but the timing of Mizrachi’s post implies that discussions about a Bitcoin reserve were considered.
Kaiser has previously discussed the significant role that both El Salvador and Panama could play in the future of Bitcoin, stating:
“Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”
This shift highlights the increasing global attention towards the establishment of national Bitcoin reserves, particularly after pro-crypto initiatives from US leadership.
Countries, including Ukraine, are now investigating the possibility of Bitcoin reserves as a safeguard against economic uncertainties.
Adopting Bitcoin in Panama City
In addition to considerations for a reserve, Panama City is making significant advancements in cryptocurrency adoption.
The city council voted in April to allow the use of digital currencies for public transactions. Citizens can now pay their taxes, fines, permits, and municipal fees using Bitcoin, Ethereum, and stablecoins.
This advancement makes Panama City the first governmental body in the nation to accept cryptocurrencies, positioning it among the earliest global public administrations to adopt such measures.
Moreover, Herbert announced that Panama City plans to include El Salvador’s “What is Money?” financial education book in its new digital libraries.
This initiative aims to enhance financial literacy among students and educators, focusing on Bitcoin, indicating a commitment to long-term digital education for the youth.
Additionally, Mayor Mizrachi is set to present at the upcoming Bitcoin 2025 Conference, further emphasizing his administration’s alignment with prominent voices in the cryptocurrency space.
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