F1 is quickly moving into crypto
There are few sports that embrace innovation the way F1 does. In fact, it’s at the heart of the whole thing.
Yes, fans love the drivers. Their bravery and athleticism are celebrated, of course. However, what endures beyond the short-lived success of a hairdryer are the constructors. Classic teams are the colors you see in the stands year after year.
Lewis Hamilton will one day be just a memory, but Mercedes will probably be right there, still pushing the limits. Charles Leclerc still doesn’t win world championships, but that doesn’t make Ferrari’s red any less seductive, any less sexy.
The drive of the constructors is what makes the sport what it is, and at its root is the desire to be at the forefront of everything.
And not just in technology, but also on the commercial side. F1 has remained a vibrant and immensely popular sport for decades. Recently, it has managed to survive pressure from environmental activists and society’s aversion to all things wealthy to become more popular.
They did it by producing Drive to Survive on Netflix, arguably the most compelling sports reality show ever produced.
Basically, they know what they’re doing and have a good handle on what people – especially young people – want.
Consider this with today’s news that F1 is adding a crypto partner to its global family of sponsors. Not only that, but it’s part of a sprint racing program that is at the cutting edge of the sport and will most likely be exceptionally popular with younger spectators.
At just 100 km in length, the racing will be fast and intense and very, very cool.
It should be noted that all this was announced the day after the UK took steps to make it harder for its citizens to trade cryptocurrencies. Stuffy old politicians making it difficult for innovation to thrive.
We are seeing this all over the world. Based largely on an overblown concern about money laundering (and, as I’ve written before, money laundering occurred in fiat currency for generations, so what makes crypto so unique here?
If this trend of government interference worries you, let me ask you this: who controls things better: is it the old politicians with agendas and ignorance of cryptocurrency basics, or possibly the world’s most modern and sophisticated sport, populated by some of the world’s richest and most successful businessmen?
My money’s on the one with the fast cars.