Source: Cointelegraph
Original: “Panama City Mayor Hints at Establishing Bitcoin (BTC) Reserve After Meeting with El Salvador's Policy Leaders”
Panama City Mayor Mayer Mizrachi posted a mysterious message on the X platform on May 16 after meeting with two Bitcoin policy leaders from El Salvador, stating: “Bitcoin Reserve,” hinting at the potential establishment of a city-level Bitcoin (BTC) reserve.
Mizrachi did not share specific details about the discussions with El Salvador's Bitcoin advocates Max Keiser and Stacy Herbert, but the timing of the post is just 11 days before the 2025 Bitcoin conference in Las Vegas, where Mizrachi plans to speak.
Establishing a Bitcoin reserve in Panama City would follow a recently passed measure that allows the use of cryptocurrencies for public payments, including taxes, fines, and municipal fees.
Mizrachi stated at the time that once payment channels from cryptocurrency to fiat currency are established, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USDC will all be accepted.
To promote a Bitcoin reserve at the federal level, Mizrachi would need to collaborate with the National Assembly of Panama to draft relevant legislation.
There is currently no evidence that he has taken such measures.
At the time of Mizrachi's post, two Bitcoin reserve bills were recently passed in the U.S. states of Arizona and New Hampshire.
Additionally, according to local media reports earlier this month, Ukraine is also reportedly moving closer to adopting Bitcoin as a national reserve asset.
According to a post by Keiser, the three discussed how Panama and El Salvador could enhance Bitcoin mining operations using renewable energy. Keiser wrote:
“Bitcoin is changing Central America. El Salvador's geothermal energy and Panama's hydroelectric power will fuel the Bitcoin revolution.”
Herbert also mentioned that Panama City will integrate El Salvador's financial literacy textbook “What is Money?” into its online library system.
Keiser and Herbert played key roles in shaping El Salvador's Bitcoin policy, which includes a Bitcoin reserve consisting of 6,179 Bitcoins (BTC), valued at nearly $640 million.
Keiser serves as a Bitcoin advisor to President Nayib Bukele, while Herbert manages the country's Bitcoin Office.
Related: Stablecoin bill passed in the Northern Mariana Islands, House overturns previous veto.
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