Panama City’s mayor is going all-in on crypto. Mayer Mizrachi wants to create a Bitcoin reserve that could rival El Salvador’s massive $640 million stash. The ambitious plan includes accepting Bitcoin, Ethereum, and stablecoins for tax payments, while leveraging hydroelectric power for green mining operations. It’s a bold move to transform Panama’s capital into Central America’s next crypto hub. But first, they’ll need the National Assembly’s blessing – and that’s where things get interesting.
While El Salvador has been hogging the Bitcoin spotlight in Central America, Panama City just stepped into the ring with its own crypto ambitions. Mayor Mayer Mizrachi isn’t playing small ball – he’s hinting at a city-level Bitcoin reserve that could rival El Salvador’s $640 million crypto stash. One cryptic “Bitcoin Reserve” post on X later, and the crypto world is buzzing. The mayor took the initiative after meeting Bitcoin policy leaders to explore the transformative potential of crypto adoption.
The city isn’t just talking big; it’s putting its money where its mouth is. Plans are underway to accept Bitcoin, Ethereum, Tether, and USDC for tax payments and municipal fees. Much like the crypto banking revolution sweeping across U.S. financial institutions, Panama City is embracing digital currency integration. Sure, they still need to figure out the whole crypto-to-fiat conversion thing, but hey, Rome wasn’t built in a day. The initiative still requires legislative protection from Panama’s National Assembly to establish a complete Bitcoin reserve.
Panama City’s got more than just digital payments on its mind. They’re eyeing Bitcoin as their inflation-fighting superhero and a magnet for tech companies. It’s like they’re waving a giant “Hey, fintech folks, come hang out with us!” sign.
Panama City sees Bitcoin as both an economic shield and a tech talent magnet, rolling out the digital welcome mat for fintech innovation.
And they’ve been taking notes from El Salvador’s playbook, right down to adopting their “What is Money?” financial literacy textbook in public libraries.
But here’s where it gets interesting – Panama City’s got an ace up its sleeve: hydroelectric power. While El Salvador’s bragging about volcanic Bitcoin mining, Panama’s planning to put its water power to work. Green mining? Check. Eco-friendly crypto hub? Double check.
The whole initiative kicked off after some high-profile chats with El Salvador’s crypto bigwigs, including Max Keiser and Stacy Herbert. No formal legislation yet – they’re keeping it city-level for now.
But the message is clear: Panama City wants to be Central America’s next crypto hotspot.
Will this gamble pay off? Time will tell. But one thing’s certain – Panama City isn’t content watching from the sidelines while El Salvador hogs all the crypto glory. They’re diving in headfirst, sustainable mining plans and all. Who knew Central America would become the stage for a Bitcoin showdown?
