Coinbase recently released a report suggesting that young, pro-crypto voters could play a significant role in the outcome of the 2024 US presidential elections. According to the exchange, Gen Z and Millennials, who now make up 40% of the electorate, are increasingly backing candidates who promote crypto and financial innovation. This shift in voter preferences is driven by a growing dissatisfaction with the current financial system, with only 9% of young Americans expressing contentment, a figure that drops to 7% for those under 40.
The trend of young voters leaning towards cryptocurrencies as a potential solution to the challenges posed by the traditional financial system is seen as a reflection of a larger desire for systemic change and innovation. Rising costs, high fees, and perceived inefficiencies in traditional finance are pushing many youth voters towards digital assets. In the 2020 elections, there was an increased turnout of voters under 30, with 55% of eligible individuals 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.
One of the notable aspects of the Coinbase report is the bipartisan interest in cryptocurrencies among young voters. In swing states, 41% of digital asset owners under 35 identify as Democrats, 39% as Republicans, and 20% as independents or belonging to other parties. This bipartisan support positions pro-crypto policies as a key consideration for candidates from both major parties. Nearly two in five young voters see digital currencies and blockchain as avenues for increasing economic opportunities that traditional finance cannot offer.
Coinbase believes that young pro-crypto voters could significantly influence key battleground states like Arizona, Georgia, and Michigan. In Georgia, youth participation in elections rose by 14 percentage points from 2016 to 2020, with 51% 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, in Arizona, youth turnout in 2020 exceeded the national average compared to 2016, while in Michigan, it increased from 42% in 2016 to 54% in 2020, contributing to 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 requires reform, and 61% are inclined to support candidates who advocate for the crypto industry. This growing interest in cryptocurrencies among young voters underscores the need for political candidates to address issues related to digital assets and financial innovation in their campaigns.
Overall, the Coinbase report highlights the rising influence of young pro-crypto voters on the 2024 US presidential elections and underscores the importance of addressing their concerns and preferences in shaping political agendas. As the crypto industry continues to gain traction, candidates from both major parties will need to pay closer attention to the demands and expectations of young voters who are driving this shift towards digital assets and financial innovation.