Panama City’s mayor, Mayer Mizrachi, threw a curveball at the Bitcoin 2025 conference: what if ships could pay their Panama Canal tolls in Bitcoin to get priority passage?
Bitcoin for Faster Transit?
Mizrachi suggested that allowing Bitcoin payments could let ships “cut the line,” rewarding early Bitcoin adopters. He floated this idea alongside El Salvador’s Bitcoin advocates, Max Keiser and Stacy Herbert. It sounds simple, but it raises some big questions about how to integrate fast cryptocurrency payments into the established shipping process.
The Challenges Ahead
Currently, the Panama Canal operates on a first-come, first-served basis. Changing this would require buy-in from the Panama Canal Authority and the Panamanian government. It could also face opposition from shipping companies worried about smaller carriers being priced out. The Canal’s history, including past disputes over tolls (remember President Trump’s comments?), shows how sensitive any changes can be.
The Panama Canal is big business – roughly $5 billion in revenue annually, handling nearly 10,000 ships and 423 million tons of cargo (about 5% of global maritime trade). Accepting Bitcoin would mean dealing with the cryptocurrency’s volatile price. One day the toll might be 50 BTC, the next 60 BTC. Panama would need a robust system to quickly convert Bitcoin to dollars or other stable currencies.
Beyond the Canal: Bitcoin in Panama City
Mizrachi’s vision extends beyond the Canal. He’s also pushing for Panama City to accept Bitcoin, Ether, and USDC for city fees (taxes, fines, permits). He even proposed a Bitcoin reserve for Panama City, which contributes over half of the nation’s GDP, suggesting it wouldn’t require new laws to implement. However, any significant changes would ultimately depend on national-level lawmakers and officials. For now, it’s just a proposal. Mizrachi also claims over $5 billion in Bitcoin transactions already occur in Panama annually, much of it “under the radar.”
