Panama City Mayor Hints at Bitcoin Reserve Following Meeting with El Salvador’s Bitcoin Leaders

Panama City Mayor Mayer Mizrachi has signaled potential plans to establish a Bitcoin reserve at the city level, following a meeting with two of El Salvador’s most prominent Bitcoin advocates — Max Keiser and Stacy Herbert.

In a cryptic post shared on X (formerly Twitter) on May 16, Mizrachi simply wrote: “Bitcoin Reserve,” shortly after discussions with the El Salvador-based duo. While the mayor didn’t elaborate on the conversation, the timing of the post — just days ahead of the Bitcoin 2025 conference in Las Vegas, where Mizrachi is set to speak — suggests something may be in the works.

Panama City Moving Toward Crypto Integration

This tease comes in the wake of Panama City’s recently approved initiative to allow cryptocurrency payments for public services — including taxes, fines, and municipal fees. Once payment infrastructure is in place, the city plans to support Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC) for these transactions.

Source: Mayer Mizrachi

While a city-level Bitcoin reserve would be a bold move, establishing a national Bitcoin reserve in Panama would require federal legislation and cooperation with the country’s National Assembly. Currently, there’s no public indication that Mizrachi has initiated that process.

Growing Global Momentum Behind Bitcoin Reserves

Mizrachi’s suggestion aligns with a broader trend of Bitcoin adoption among governments and local jurisdictions:

• El Salvador holds 6,179 BTC — worth nearly $640 million — as part of its national Bitcoin reserve.

• Arizona and New Hampshire have passed state-level Bitcoin reserve bills in the U.S.

• Ukraine is reportedly exploring Bitcoin as a potential national reserve asset, according to local reports.

Renewable Energy, Bitcoin Mining, and Education

Beyond reserves, the meeting between Mizrachi, Keiser, and Herbert reportedly covered Bitcoin mining opportunities and educational initiatives.

Keiser highlighted the region’s renewable energy potential, stating:

“Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”

Herbert added that Panama City will adopt El Salvador’s “What is Money?” financial literacy textbook into its online public library system — an effort to boost Bitcoin-related education.

Keiser and Herbert have been central figures in shaping El Salvador’s Bitcoin policies. Keiser serves as Bitcoin advisor to President Nayib Bukele, while Herbert leads the country’s official Bitcoin Office.