Recent reports from Coinbase suggest that young, pro-crypto voters could play a significant role in determining the outcome of the 2024 US presidential elections. With Gen Z and Millennials now representing 40% of the electorate, their increasing support for candidates who advocate for crypto and financial innovation is becoming more apparent. The dissatisfaction with the current financial system among younger Americans, with only 9% expressing contentment, is driving them towards cryptocurrencies as a potential solution. This shift is not just about financial frustration but also reflects a broader desire for systemic change and innovation.
Increase in Youth Voter Turnout
The 2020 elections saw a rise in voter turnout among those under 30, with 55% of eligible balloters participating compared to 44% in 2016. This trend is expected to continue, as 92% of registered electors under 35 have plans to vote in the upcoming 2024 polls. Interestingly, crypto’s appeal cuts across traditional party lines, with a significant percentage of digital asset owners under 35 in swing states identifying as Democrats, Republicans, or independents.
Coinbase believes that pro-crypto policies could be a key consideration for candidates from both major parties due to the bipartisan interest in digital currencies and blockchain among young voters. Nearly two in five young voters view cryptocurrencies as avenues for increasing economic opportunities that traditional finance cannot provide. This interest could have a significant impact on key battleground states like Arizona, Georgia, and Michigan, where youth participation in the last presidential election increased significantly.
In Georgia, youth participation rose by 14 percentage points from 2016 to 2020, with 51% of eligible individuals under 30 casting ballots. The number of “Stand with Crypto” advocates in Georgia now triples the vote differential that decided the state in 2020. In Arizona, youth turnout in 2020 surged above the national average compared to 2016, while in Michigan, it increased from 42% in 2016 to 54% in 2020, playing a role in President Biden’s narrow win in a state with critical electoral votes.
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 have owned 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 crypto-friendly policies among young voters highlights the potential impact they could have on shaping the agenda of future political candidates.
The rise of young, pro-crypto voters as a significant demographic in the electorate could potentially sway the outcome of the 2024 US presidential election. Their growing dissatisfaction with the current financial system and support for cryptocurrencies as a solution reflect a broader desire for systemic change and innovation. Candidates from both major parties may need to consider the interests of these young voters and their support for pro-crypto policies to secure their votes in the upcoming election.