Bitcoin is imploding. But you wouldn't know it from checking out Formula 1 races
What crypto crash? Bitcoin prices may be plunging, but you wouldn't know it by checking out the cars on the super popular Formula One racing circuit. F1 is crazy for crypto.
Eight of the 10 teams racing in the high-profile international series have a crypto-related sponsor.
Crypto.com, a top exchange, has a multi-year naming rights deal for the F1 race in Miami, which was held earlier this month. Crypto.com is also a partner with the Aston Martin F1 team.
Other leading F1 teams are taking the crypto plunge too. McLaren has a long-term deal with OKX that makes the crypto exchange the leading sponsorship partner for the team.
"Crypto is a massive industry. It is clearly here to stay and is a big part of the economic future," said McLaren Racing CEO Zak Brown. "Crypto fans are savvy, technology-focused consumers."
FTX, a top crypto brokerage that is currently valued at $32 billion, inked a deal with Mercedes last year.
"Sustainability is important to us and we're all looking for improvement," Frangella said.