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“Can’t shut yourself down to modern technology” – Mercedes boss responds to F1 cryptocurrency deals

Toto Wolff during F1 Winter Testing in Barcelona - Day One
Toto Wolff during F1 Winter Testing in Barcelona - Day One
Dese Gowda

Mercedes team principal Toto Wolff has responded to F1’s increasing ties with the cryptocurrency industry. Eight of the ten teams on the 2022 F1 grid feature at least one crypto sponsor.

Wolff believes the partnership was inevitable given the growth of the crypto markets. Speaking in an interview with GPFans following the first pre-season test, he said:

“You can’t shut yourself down to modern technology. It is definitely an area that will grow. They have become a major player in the financial world and obviously seek exposure through Formula 1. We all benefit from it but also learn from it. I think when we are looking back in 10 years’ time having made payments that take two days and can’t be done outside of week hours, it is something that is going to be a relic of the past and this is where cryptocurrency has come in.”
Team principals were asked about crypto sponsors yesterday & whether they are contrary to #F1’s sustainability goalsAs a reminder, this was Toto, Christian, Tost, Seidel, & Laurent Rossi or whatever his name is from Alpine1/?#F1Testing https://t.co/ELblDbffat

Wolff, however, also stressed that the arguments against cryptocurrencies, especially concerning sustainability shouldn’t be ignored. He said:

“The sustainability argument is extremely important, but it is not only about mining and the energy it consumes but also where the energy comes from.”

Following F1’s pledge to become fully carbon-neutral by the end of 2030, teams dealings with crypto firms have drawn considerable criticism due to the latter’s vast carbon footprint. Blockchain, the underlying technology that powers almost every cryptocurrency and token, is highly unsustainable under current scenarios.


F1 pundit expects Mercedes to be “right there again” in 2022

F1 driver-turned-TV pundit Jolyon Palmer expects Mercedes to be at the top of the grid order once again in 2022, despite an intense championship battle with Red Bull last year. In his analysis for F1.com, Palmer said:

“Every time I could hear a car going out of the pit lane [during Barcelona testing], if it was doing burnouts and a practice start, that would be Mercedes. They are the one team that have done practice starts fairly relentlessly from day two morning. Because everyone else was just driving out and getting on with it. They’re obviously thinking bigger picture early on. I think they’re going to be right there again.”
Mercedes have the fastest laps in the barcelona test 2022...I hate them https://t.co/sAJnEhq9DT

After a glitzy launch when Lewis Hamilton fired warning shots at his rivals, Mercedes had a pretty underwhelming testing run, with Ferrari overhauling them in terms of mileage. Both Lewis Hamilton and his teammate George Russell, however, finished the test with the fastest and second fastest times courtesy of a late run on the softest C5 tires.


Edited by Anurag C

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