The dynamics of the American political landscape are shifting, as evidenced by a report from Coinbase suggesting that young, pro-crypto voters could play a crucial role in the outcome of the 2024 US presidential elections. With Gen Z and Millennials now accounting for 40% of the electorate, candidates who embrace crypto and financial innovation are gaining traction among younger voters.
The report highlights a growing dissatisfaction among younger Americans with the current financial system, with only 9% expressing contentment. This sentiment is even lower among those under 40, at just 7%. Rising costs, high fees, and perceived inefficiencies in traditional finance are driving many young voters towards cryptocurrencies as a potential solution to these issues.
According to Coinbase, the trend towards supporting pro-crypto candidates is not just about financial frustration, but also reflects a broader desire for systemic change and innovation. 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 trend is expected to continue, as 92% of registered voters under 35 plan to participate in the 2024 polls.
Interestingly, crypto’s appeal transcends traditional party lines, with a significant percentage of digital asset owners under 35 identifying as Democrats, Republicans, or independents. Coinbase believes that this bipartisan interest in cryptocurrency positions pro-crypto policies as a key consideration for candidates from both major parties. Nearly 40% of young voters view digital currencies and blockchain as avenues for increasing economic opportunities that traditional finance cannot offer.
The influence of young, pro-crypto voters is expected to be particularly significant in key battleground states such as Arizona, Georgia, and Michigan. In Georgia, youth participation in the 2020 elections rose by 14 percentage points compared to 2016, with a majority of eligible individuals under 30 casting their ballots. The number of “Stand with Crypto” advocates in Georgia now surpasses the vote differential that decided the state in 2020.
In Arizona, youth turnout in 2020 exceeded the national average compared to 2016, while in Michigan, it increased from 42% to 54% over the same period, playing a role in President Biden’s narrow victory in the state. A May 2024 poll revealed that over 20% of individuals in key battleground states consider cryptocurrency to be a significant issue in the upcoming election.
Among Gen Z participants who have owned digital assets, 90% believe that the financial system is in need of reform, and 61% are inclined to support candidates who favor the crypto industry. This underscores the growing influence of young, pro-crypto voters in shaping the political landscape and potentially determining the outcome of the 2024 US presidential elections.