Panama City Mayor Mayer Mizrachi referenced a Bitcoin reserve in a brief post on X dated May 16, 2025, following a meeting with Max Keiser and Stacy Herbert, two officials shaping El Salvador’s Bitcoin policy.
His message, posted without context, said only “Bitcoin Reserve.” The post appeared just ahead of the Bitcoin 2025 conference in Las Vegas, where Mizrachi is listed as a speaker.
Keiser advises El Salvador President Nayib Bukele, and Herbert leads the country’s Bitcoin Office. Their government holds 6,179 BTC, currently worth around $640 million.
Panama City Crypto Law Enables Bitcoin Payment Options
Panama City approved a measure allowing residents to pay taxes, fines, and municipal fees using BTC, ETH, USDT, and USDC. Mizrachi confirmed that these payment options will launch once the crypto-to-fiat rails are active.
However, he has not taken legislative steps to create a Bitcoin reserve. Establishing one would require the Panama National Assembly to pass related laws. So far, no official proposal or collaboration has surfaced.
Max Keiser said the group discussed how both countries could use renewable energy—geothermal in El Salvador and hydroelectric in Panama—to support Bitcoin mining. His post read:
“Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”
No mining project has been formally announced in Panama City.
Stacy Herbert added that Panama City will adopt El Salvador’s “What is Money?” textbook into its online library system. The book is used in public schools across El Salvador to teach financial literacy centered on Bitcoin.
Bitcoin Reserve Plans Emerging in Other Regions
The reference to a Bitcoin reserve aligns with recent developments elsewhere. Arizona and New Hampshire passed bills to allow their state treasuries to hold Bitcoin. In Ukraine, local reports said officials are considering the asset for national reserves.
Mizrachi has not confirmed next steps for Panama City, but the meeting adds the capital to a growing list of governments engaging with the idea of holding Bitcoin reserves.