Crypto Sponsorships of Formula One Racing Dwindle With Downturn

Given how the crypto industry feels about fast cars and men with big personalities, it’s perhaps no surprise that crypto is emerging as one of the biggest sponsors of Formula 1. Formula One racing is marketed as being all about competition that rewards instinct, speed, engineering innovation, and sheer adrenaline. Companies ranging from FTX to Crypto.com have spent millions of dollars on flashy deals.  Around 80% of F1 teams have at least one crypto partner. Crypto.com even has a $100 million deal with the Formula One Group itself.  But in this current market environment, how long can crypto firms keep splashing the cash? In this episode, Bloomberg senior editor Anna Irrera and Bloomberg crypto blogger Emily Nicolle discuss the future of crypto’s fast car sponsorships.See omnystudio.com/listener for privacy information.