Panama Canal Could Prioritize Bitcoin-Paying Ships, Mayor Suggests
Panama City’s mayor, Mayer Mizrachi, proposed allowing cargo ships to expedite transit through the Panama Canal by paying tolls in Bitcoin during the Bitcoin 2025 conference. This idea aims to reward early adopters and could potentially alter the current first-come, first-served rule, requiring approval from the Panama Canal Authority and the national government. Concerns exist about fairness, as shipping companies may resist if smaller carriers are disadvantaged. The Panama Canal generated approximately $5 billion in revenue from nearly 10,000 ships between October 2023 and September 2024. If Bitcoin payments are implemented, a system to manage price volatility would be necessary. Mizrachi also suggested accepting Bitcoin, Ether, and USDC for city fees and proposed establishing a Bitcoin reserve for Panama City, which contributes over half of the nation's GDP. He claimed over $5 billion in Bitcoin transactions occur annually in Panama, primarily unreported.
