In a recent report by Coinbase, it has been suggested that young, pro-crypto voters could play a crucial role in the outcome of the 2024 US presidential elections. Gen Z and Millennials, who now make up 40% of the electorate, are showing increasing support for candidates who advocate for cryptocurrency and financial innovation. This demographic group is becoming more dissatisfied with the current financial system, with only 9% expressing contentment, dropping to 7% for those under 40. The rising costs, high fees, and perceived inefficiencies in traditional finance are driving many young voters towards cryptocurrencies as a potential solution. This trend is seen as a reflection of a larger desire for systemic change and innovation, rather than just financial frustration.
The 2020 elections saw an increased turnout of voters under 30, with 55% of eligible individuals participating, compared to 44% in 2016. This increased engagement is expected to continue, as 92% of registered voters under 35 have plans to vote in the 2024 polls. One interesting aspect is that the appeal of cryptocurrencies transcends traditional party lines, with 41% of digital asset owners under 35 in swing states identifying as Democrats, 39% as Republicans, and 20% as independents or members of other parties. This bipartisan interest in crypto policies positions them as a key consideration for candidates from both major parties.
Coinbase believes that young voters could have a significant impact on key battleground states such as Arizona, Georgia, and Michigan. In Georgia, youth participation increased 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, and 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 view cryptocurrency as a significant issue in the upcoming election. Among Gen Z participants who have owned digital assets, 90% believe the financial system needs reform, and 61% are inclined to support candidates who favor the crypto industry. This shows a growing awareness and interest among young voters in the potential of cryptocurrencies to bring about significant changes in the financial landscape.
The influence of young, pro-crypto voters on the 2024 US presidential elections cannot be ignored. As a significant portion of the electorate, their support for candidates who advocate for cryptocurrency and financial innovation could have a decisive impact on the outcome of the elections, especially in key battleground states. The increasing engagement of young voters in crypto policies underscores a larger desire for systemic change and innovation in the financial system, making it a crucial consideration for candidates from all major parties.
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