Cryptocurrency brands have taken over Formula 1 sponsorship in recent years – but backing your favourite constructor on the exchanges is proving a fast way to lose your cash.
Ferrari, Mercedes AMG and Alfa Romeo are among those that boast crypto sponsors in 2022 but recent findings from Twitter user @FormulaNetflix show constructor loyalty isn’t a good investment.
The account shows that those who invested €10 in Floki Inu when it partnered with Alfa Romeo would now only be sitting on a fortune of €0.9 and it doesn’t stop there.
Any loyal fans of Ferrari who chose to invest in Velas token when it partnered with the Italian firm would have around €0.5 in their crypto investment pot.
It’s a similar story for Mercedes AMG’s crypto partner FTX Token with that same €10 investment now only worth €0.3. Alpha Tauri partner Fantom also lost 95% of its value so far this season.
The F1-partnered crypto brand with the best result so far is Tezos with only an 85% decrease in price with €1.5 left out of an initial €10 investment.
@FormulaNetflix’s figures shows that a €50 wager across those five partnerships would now be worth just €3.40 – a whopping loss of 96.8% of initial investment.
The figures comes as a warning to potential investors both in F1 and other sports as cryptocurrency partners continue to do big deals with large constructors, clubs and organisations.
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