Bitcoin

How Bitcoin Came to Fuel Ed Carpenter Racings Indy 500 Effort

  • ed carpenter racing this week announced that the no. 21 chevrolet that will be driven by rinus veekay in race 105 of the indianapolis 500 will be sponsored by bitcoin.
  • team owner ed carpenter said he is invested in bitcoin, and helped cook floated the wild idea that cryptocurrency could finance a racing team.
  • strike founder jack mallers is facilitating the transfer of funds to allocate sponsorship dollars, er bitcoin.

while bitcoin may or may not be the future of the world currency, it is the here and now for ed carpenter racing in the ntt indycar series.

ecr this week announced that the no. the 21 chevrolet that rinus veekay will drive in the 105th indianapolis 500 race will be sponsored by bitcoin and bear the unofficial logos of the cryptocurrency that allows peer-to-peer transactions without the involvement of banks or governments.

Reading: Bitcoin car indy

why not. 21, you ask? well, the universe is limited by 21 million bitcoins. everyone knows it.

or maybe not.

“I wish I had been educated and understood sooner than I did,” Carpenter told Autoweek. “the whole movement is amazing. i really think it’s the future of a lot of what our financial system will be. there may still be a lot of volatility in it, but the whole premise and how it’s built, there are so many positives that make it so valuable to long term.

“motorsports is a challenging industry. we’re a sponsorship-driven industry and it’s getting harder and harder to compete in the space with other racing teams, with other vendors, with other sports properties. so always im looking for new ways to make sure i have a sustainable business i have been getting involved in this and i see a lot of opportunities to change the way we do business obviously i cant pay for my chevy contract in bitcoin yet but i see a future in that that will change, and if I can be at the forefront of that, it’s a fun project and it’s also doing historic things for the bitcoin community.”

See also: Bitcoin Price Predictions 2020: Best BTC/USD Value Forecasts

Carpenter said he invested in bitcoin and helped invent the wild idea that the cryptocurrency could fund a racing team. However, when it comes to a coin and not a traditional sponsor, putting together a deal can be a bit like explaining bitcoin to an elderly motorsports writer who is still trying to figure out what all the buttons on the controller do. remote dvr

“The beauty of it is that bitcoin is a currency,” says carpenter. “It’s also a network, all open source built on top of the blockchain. It started with Satoshi Nakamoto’s white paper. No one owns bitcoin. There are no trademarks on bitcoin trademarks.

“We got this crazy idea through a personal friend of mine who is also interested in space and invested in space. We reached out to the striking jack mallers, started brainstorming some ideas, and came up with this campaign: one to promote bitcoin in general as a currency but more importantly to promote the network the entire network is built by open source bitcoin developers making it more mainstream it is a decentralized platform no one person is in charge of it “.

Carpenter knows he’ll be answering a lot of questions about bitcoin this month, and he welcomes the opportunity to add a little more to a typical May for a racing fan and this year’s Indianapolis 500 experience.

“It’s about educating, whether it’s racing fans or people who might be afraid of racing or don’t understand it,” Carpenter said. “It’s becoming more common day by day. You’re seeing big corporations invest in it, put it on the books of it.

“It’s real, but it has a stigma that a lot of people don’t understand, so we’re trying to help bridge that gap.”

and pay the bills. That’s where the mallers and their strike business come in.

See also: Bitcoin Is Coming to Your 401(k), If Your Employer Allows It | Time

“They’re making it easier to move funds,” says Carpenter. “People can be part of this program and make contributions and donations in cash, pounds, euros, bitcoins, whatever they want. And then strike, the jacks business, can handle those transactions and convert currency in any direction. Our vendors that we work with, none of them accept bitcoin yet, so we convert it to US dollars and operate as we would any other partnership.”

carpenter said the deal closed with merchants faster than most traditional sponsorship deals.

“We hired him just because he’s a great player in space,” says Carpenter. “surprisingly he was responsive and very excited about the concept and ideas and he’s taken it to another level. he’s an enabler in making all of this happen and deepening our understanding of how we can make it impactful. i didn’t know him before this all started. we’re getting closer every day. it was a cold email and he responded and it all came together really quickly.”

adds mallers, founder of strike, “this year, ed is competing for human freedom, financial literacy, financial inclusion, and using the platform he has earned throughout his career to promote the most powerful message possible to propel humanity forward. We are tremendously proud to support his efforts.”

When it comes to car logos, fire suits and crew, bitcoin sponsorship offers a wide range of options for artists and designers.

“nobody has to authorize the logos to be put on the car because it’s not a registered trademark,” carpenter said. “That’s something we can do. There’s no one watching over that.”

fine then. what is your stance on bitcoin? is it the future of currency…or even racing sponsorships?

See also: Are Bitcoin bubbles predictable? Combining a generalized Metcalfes Law and the Log-Periodic Power Law Singularity model | Royal Society Open Science

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