Bitcoin Ships: The Fast Track to Panama Canal? 🚢💰

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In a move that could only be described as “thinking outside the box” (or perhaps “thinking outside the canal”), Panama City’s Mayor Mayer Mizrachi has decided that ships should be able to pay their tolls in Bitcoin. Yes, you heard that right! The mayor, during a panel discussion at the Bitcoin 2025 conference in Las Vegas (where else?), suggested that cargo ships could skip the queue and sail through the Panama Canal faster if they flash their Bitcoin wallets. 💸

“We have a canal — what if you get a perk for paying in Bitcoin, get your ship to go quicker if you pay in Bitcoin?” Mizrachi mused, while chatting with two El Salvador Bitcoin policy leaders, Max Keiser and Stacy Herbert. The director of Bitcoin Beach in El Salvador, Mike Peterson, moderated the panel, probably wondering if he should start charging for the privilege of listening to such brilliance. 🤔

The Panama Canal, a rather impressive man-made ditch that connects the Caribbean and Pacific Oceans, allows ships to save weeks of travel time instead of sailing around South America. It’s like a cosmic shortcut for cargo, playing a key role in global trade, with about 5% of the world’s maritime commerce passing through it each year. Talk about a busy waterway! 🌊

Now, ships do pay to transit through this watery wonder, and Panama rakes in around $5 billion in revenue from the canal each year. That’s a lot of bananas! 🍌 Nearly 10,000 ships passed through the canal during the last fiscal year, transporting a staggering 423 million tons of goods. That’s enough stuff to make even the most organized hoarder break into a sweat.

However, the canal has been a hot topic since December 2024, when Trump announced plans for the US to reclaim control, citing concerns over rising Chinese influence and claiming unfair tolls on US ships. Because nothing says “I love you” like a good old-fashioned canal dispute! 😅

Panama City has been quite the trendsetter lately, recently approving a measure allowing the use of crypto for public payments, including taxes, fines, and municipal fees. Who knew paying taxes could be so… futuristic? 💻

Bitcoin payments for the Panama Canal are just one of the many ideas Mizrachi has pitched as he explores how his country can follow El Salvador’s lead in adopting Bitcoin. He’s also suggested establishing a Bitcoin reserve for Panama City, which is home to more than half of Panama’s global domestic product. And the best part? He wouldn’t even need legislative approval to do it! Talk about cutting through red tape like a hot knife through butter! 🔪

Mizrachi wants Panama lawmakers to take a back seat

Mizrachi has urged Panama’s legislators to take a breather on crypto regulation, advocating for a “don’t touch it” approach. “Don’t touch it, don’t get near it, don’t even look at it, let it operate, let it function,” he said, probably while waving his hands dramatically. 👐

“Then decide what it needs. Do you want to restrict it or do you want to promote it?” he added, as if he were a wise sage dispensing advice on a mountaintop. Mizrachi claims that over $5 billion worth of Bitcoin transactions occur annually in Panama, but much of it happens behind closed doors, as many are too scared to embrace the digital currency. It’s like a secret club, but with more blockchain and fewer snacks. 🍪

His comments come as Panama declared a state of emergency in the Bocas del Toro province after banana company Chiquita Brands laid off over 5,000 workers who had been protesting for stronger social security measures. Chiquita claims it lost more than $75 million due to strikes and roadblocks. So, it seems that while some are trying to sail smoothly through the canal, others are just trying to stay afloat in a sea of economic turmoil. 🌪️

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2025-05-30 08:36