Young pro-crypto voters could influence 2024 US election outcome

Cryptocurrency is emerging as a significant political issue in the 2024 US presidential elections, with younger voters potentially playing a decisive role. 

Coinbase, a major cryptocurrency exchange, has highlighted the growing importance of Gen Z and Millennials, who now make up 40% of the electorate, in shaping the outcome of the upcoming election.

In a report released on August 19, Coinbase noted that younger voters are increasingly supporting candidates who advocate for cryptocurrency and financial innovation. 

Dissatisfaction with the current financial system is particularly high among this demographic. 

Only 9% of Americans are content with the existing system, and this figure drops to just 7% for those under 40. 

High fees, inefficiencies, and rising costs in traditional finance are driving many young voters towards cryptocurrencies, which they view as a viable alternative.

This growing interest in crypto reflects a broader desire for systemic change, beyond mere financial frustration. 

In the 2020 elections, there was a significant increase in voter turnout among those under 30, with 55% of eligible voters participating, compared to 44% in 2016. 

This trend is expected to continue, with 92% of registered voters under 35 planning to vote in the 2024 election.

Crypto's appeal cuts across party lines, with 41% of digital asset owners under 35 in swing states identifying as Democrats, 39% as Republicans, and 20% as independents or others. 

Coinbase believes that this bipartisan interest positions pro-crypto policies as a key consideration for candidates from both major parties.

Coinbase also pointed out that these young, pro-crypto voters could significantly impact key battleground states like Arizona, Georgia, and Michigan. 

For example, in Georgia, youth participation rose by 14 percentage points from 2016 to 2020, with 51% of eligible individuals under 30 casting ballots in the last presidential election.

A May 2024 poll revealed that over 20% of voters in crucial battleground states view cryptocurrency as an important 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. 

As the election approaches, the influence of these younger, pro-crypto voters could be pivotal in determining the next president of the United States.