From pit lane to blockchain: Debunking crypto myths at full throttle

Special Report: As Formula One roars into Melbourne this weekend, it’s not just racing engines making noise. Cryptocurrency, another high-octane industry, has accelerated onto political and financial agendas worldwide.

Words by Sarah Dale, head of global partnerships, Binance

Crypto has taken pole position in political discourse, with US President Donald Trump in early March announcing plans for a strategic cryptocurrency reserve, while Australian parties stake their positions ahead of an upcoming federal election.

But if you’re wondering how something often seen as speculative has become a key policy issue, you’re not alone. Misconceptions continue to cloud the true impact and potential of digital assets.

Yet, just as F1 thrives on precision, strategy and innovation, understanding crypto demands research, critical thinking and a willingness to look beyond the surface.

Even unexpected voices – such as BWT Alpine’s F1 driver Pierre Gasly – are using their platforms to educate fans on blockchain’s potential. The first step in making informed investment decisions is separating fact from fiction…

BWT Alpine driver Pierre Gasly shows off his Binance-featured F1 race helmet.

Myth 1: Crypto is just a fad

Calling crypto ‘temporary’ ignores its explosive adoption. Over 560 million people worldwide now own crypto, reflecting growth 43% faster than the adoption of mobile phones, and 20% faster than the internet. Late last year, Bitcoin reached an all-time high of more than US$100,000, demonstrating crypto’s long-term staying power through repeated market cycles and corrections.

Growth and adoption continue, driven by an engaged and passionate community. Nearly half of Gen Z are already familiar with digital assets and comfortable using them. Meanwhile, sports fans, in particular, have been quick to adopt fan tokens and NFTs as new ways to connect with their teams. In 2024, Binance partnered with soccer superstar, Cristiano Ronaldo, to launch an NFT which celebrated Ronaldo’s career highlights, connected him with fans, and catered to the growing demand for this asset.

Much like F1’s decades-long evolution, crypto has shown staying power, with consistent performance and a growing global fanbase.

Myth 2: Crypto has no real-world use

Skeptics claim crypto lacks practical value, but blockchain technology is already revolutionising finance. From lowering remittance fees to enabling instant cross-border payments and decentralised finance solutions, crypto holds a practical role in the global economy.

Over 15,000 global businesses now accept crypto payments, while major financial institutions – including JPMorgan, Fidelity and Visa – are actively integrating blockchain into their operations. Visa alone processed $2.5 billion in crypto-linked card transactions in a single quarter of 2022.

With a compound annual growth rate of 99%, the growth in ownership of cryptocurrencies far exceeds the growth rates of traditional payment methods, which averaged 8% from 2018 to 2023.

Myth 3: Crypto is a get-rich-quick scheme

Crypto is by no means a shortcut to wealth. It demands disciplined research, critical assessment and patience. Seasoned crypto investors understand that market cycles, regulatory shifts and technological advancements all play a role in shaping the industry.

Those who expect overnight riches often find themselves caught off guard by volatility. Much like F1, where raw speed wins races but strategy wins championships, crypto rewards those who take a calculated, long-term approach.

Myth 4: Crypto is only used for illegal activities

Illicit transactions accounted for just 0.14% of total crypto transactions in 2024. By comparison, traditional finance saw 2-5% of global GDP (up to $2 trillion annually) linked to illicit activities.

In fact, the blockchain nature of crypto, can aid law enforcement to quickly track and trace illegal activities. Crypto is transparent and traceable. Just as F1 teams rely on telemetry to catch rule-breakers, blockchain leaves nothing undetected.

Myth 5: Crypto is not secure

F1’s relentless pursuit of safety has dramatically reduced risks on the track, and we are seeing the same focus in crypto with heavy investment in boosted security. The decentralised blockchain architecture makes crypto inherently secure.

Exchanges have adopted rigorous safety protocols – multi-layered authentications, Proof of Reserves audits, and 24/7 security monitoring – to provide users with confidence.

The road ahead

Community is what makes both racing and crypto so special. Believers in both tend to share a similar passion and an ethos: speed, precision, strategy and embracing calculated risks to achieve extraordinary outcomes.

It is this kind of community spirit that Binance is most looking forward to being around, trackside, at this weekend’s Grand Prix event. And it’s a key reason why Binance chose to partner with Gasly, providing an opportunity to engage with and celebrate its global users.

Pierre Gasly is featured in a new mural in Melbourne, created by renowned street artist Matt Adnate. Pic: supplied

Just as Gasly navigates every turn with precision, successful crypto investors understand the balance between risk and reward. If 750 million F1 fans worldwide can grasp complex racing strategies, crypto – now owned by 560 million people – has the same potential to educate and engage a vast global audience.

Investors who master the balance of risk and reward, guided by informed decisions, are best positioned to win in the fast-paced world of crypto.

The views, information, or opinions expressed in the interviews in this article are solely those of the contributing author and do not represent the views of Stockhead.

This article was developed in collaboration with Binance, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.