The recent report released by Coinbase highlights the growing influence of young, pro-crypto voters on the upcoming 2024 US presidential elections. With Gen Z and Millennials now representing 40% of the electorate, there is a notable shift towards candidates who advocate for cryptocurrency and financial innovation. This trend is further fueled by the dissatisfaction among younger Americans with the current financial system, with only 9% expressing contentment and even lower levels of satisfaction among those under 40.
The rising costs, high fees, and perceived inefficiencies in traditional finance are driving many youth voters towards cryptocurrencies as a potential solution. This shift is not just about financial frustration but also reflects a larger desire for systemic change and innovation. The 2020 elections saw an increased turnout of voters under 30, with 55% of eligible balloters participating, compared to 44% in 2016. This upward trend is expected to continue, with 92% of registered electors under 35 planning to vote in the 2024 polls.
Bipartisan Support for Crypto
Interestingly, crypto’s appeal transcends traditional party lines, with a significant percentage of digital asset owners under 35 in swing states identifying as Democrats, Republicans, or independents. This bipartisan interest in cryptocurrencies positions pro-crypto policies as a key consideration for candidates from both major parties. Nearly two in five young voters view digital currencies and blockchain as avenues for increasing economic opportunities that traditional finance cannot offer.
Impact on Key Battleground States
Coinbase believes that young pro-crypto voters could significantly impact key battleground states like Arizona, Georgia, and Michigan in the upcoming elections. Youth participation in Georgia rose by 14 percentage points from 2016 to 2020, with a majority of eligible individuals under 30 casting their ballots in the last presidential election. The number of “Stand with Crypto” advocates in Georgia now triples the vote differential that decided the state in 2020. Similarly, youth turnout in Arizona surged above the national average in 2020 compared to 2016, and Michigan witnessed an increase in youth participation, playing a decisive role in President Biden’s narrow win.
A May 2024 poll revealed that over 20% of individuals in key battleground states consider cryptocurrency a significant issue in the upcoming election. Among Gen Z participants who own digital assets, 90% believe that the financial system needs reform, and 61% are inclined to support candidates who favor the crypto industry. This growing support for cryptocurrency among young voters is poised to be a defining factor in the 2024 US presidential election.
The influence of young, pro-crypto voters on the electoral landscape is undeniable. Their support for candidates who advocate for cryptocurrency and financial innovation is reshaping the political discourse and placing a spotlight on the need for reform within the financial system. As we move towards the 2024 elections, it is clear that the voices of young crypto voters will be heard and could potentially sway the outcome in key battleground states.