Panama Mayor Mayer Mizrachi proposed using Bitcoin to expedite ship transit through the Panama Canal. This suggestion was made at the Bitcoin 2025 conference in Las Vegas.
Mayor's Proposal
During a panel discussion at the Bitcoin 2025 conference in Las Vegas on May 29, Panama Mayor Mayer Mizrachi suggested that ships transiting the Panama Canal could pay in Bitcoin for quicker passage. 'What if you get a perk for paying in Bitcoin, and your ship could go quicker?' Mizrachi proposed while speaking with two El Salvador Bitcoin policy leaders.
Role of the Panama Canal in Global Trade
The Panama Canal is a man-made waterway linking the Caribbean and Pacific Oceans, allowing cargo ships to save time on their journeys. Approximately 5% of global maritime commerce passes through the canal each year, generating around $5 billion in revenue for Panama, emphasizing the route's importance to the global economy.
Panama's Financial Situation
Mizrachi pointed out that over $5 billion in Bitcoin transactions occur annually in Panama. However, much of the adoption has remained under the radar, as many are hesitant to embrace Bitcoin. This discussion surfaces as Panama faces economic challenges linked to job cuts at Chiquita Brands, impacting the overall economic landscape.
The idea of using Bitcoin in Panama could set the country on a path toward broader cryptocurrency acceptance, while simultaneously addressing pressing economic issues that require government attention.
