As the 2024 US presidential election nears, cryptocurrency has emerged as a crucial issue, with younger, pro-crypto voters potentially being a decisive factor. Coinbase has highlighted the growing influence of younger generations in shaping the election outcome, suggesting they could sway the results.
Young Voters Gaining Influence
Coinbase’s report, released on August 19, reveals that Generation Z and Millennials, who now account for 40% of the electorate, are increasingly supporting candidates who favor cryptocurrencies and financial innovation. This shift reflects a broader discontent with the current financial system, with only 9% of Americans and just 7% of those under 40 satisfied with it. High costs, excessive fees, and inefficiencies in traditional finance are pushing many young voters toward cryptocurrencies.
The report emphasizes that this trend represents not only financial frustration but also a desire for systemic change. In the 2020 elections, voter turnout among those under 30 increased to 55% from 44% in 2016, and this trend is expected to continue, with 92% of voters under 35 planning to vote in 2024.
Crypto Appeal Across Political Spectrum
The appeal of cryptocurrencies transcends traditional political affiliations. Among digital asset holders under 35, 41% identify as Democrats, 39% as Republicans, and 20% as independents or other parties. This bipartisan support suggests that pro-crypto policies could be a significant factor for candidates from both major parties. Nearly 38% of young voters view digital currencies and blockchain technology as promising alternatives to traditional financial systems.
Potential Influence on Key Battleground States
Coinbase predicts that these pro-crypto voters could play a crucial role in key battleground states like Arizona, Georgia, and Michigan. In Georgia, youth voter turnout jumped by 14 percentage points from 2016 to 2020, with 51% of eligible voters under 30 participating in the last presidential election. The number of “Stand with Crypto” supporters in Georgia now exceeds the margin of victory from 2020.
In Arizona, youth turnout in 2020 was higher than the national average compared to 2016. Michigan saw an increase from 42% in 2016 to 54% in 2020, contributing to President Biden’s narrow win in the state.
A May 2024 poll shows that over 20% of voters in key battleground states consider cryptocurrency a significant issue in the upcoming election. Among Gen Z digital asset holders, 90% believe the financial system needs reform, and 61% are likely to support candidates who advocate for the crypto industry.
As the election approaches, the impact of young, pro-crypto voters is becoming increasingly evident, potentially playing a pivotal role in the 2024 presidential race.
