Crypto Formula 1 Racing Sponsorships Fall With Slowdown
Given what the crypto industry thinks of fast cars and men with big personalities, it’s perhaps no surprise that crypto is becoming one of Formula 1’s biggest sponsors. Formula 1 racing is marketed as a competition that rewards instinct, speed, engineering, innovation and pure adrenaline. Companies ranging from FTX to Crypto.com have spent millions on flashy deals. Around 80% of F1 teams have at least one crypto partner. Crypto.com even has a $100 million deal with Formula One Group itself. But in this current market environment, how long can crypto firms continue to spend money? In this episode, Bloomberg Editor-in-Chief Anna Irrera and Bloomberg Crypto Blogger Emily Nicolle discuss the future of crypto fast car sponsorships.
November 07, 2022