For young people in particular, cryptocurrencies have become a hot topic in the 2024 US elections. Frustrated with the conventional financial system and looking for candidates who will boost their interest in digital financial solutions and digital currencies, Generation Z and Millennials now account for 40% of the vote, according to a recent study. Coinbase Survey.
Given that 25% of voters between the ages of 18 and 34 own cryptocurrency, compared to just 14% of older Americans, it would appear that this demographic is not only tech-savvy, but politically engaged as well.
Voter turnout trends
The influence of young voters is already showing signs of impact. Those under 30 flocked to the polls in 2020, especially in battleground states like Georgia and Arizona. Candidates promoting cryptocurrency policies are increasingly targeting young people. According to research, 51% of young voters would likely vote for a crypto supporter.
This could lead to the election of as many of these candidates who act in the best interest of this tech-savvy group. Surprisingly, these young cryptocurrency users are almost evenly divided politically: about 41% identify as Democrats and about 39% identify with Republicans, with the remaining 20% considering themselves independent.
Becoming a Cryptocurrency Pro
In fact, both major political parties, both desperate to win the elusive youth vote, are becoming increasingly pro-cryptocurrency as the US election approaches. Sure, you have the Republican candidate Donald Trump, who after showing skepticism towards Bitcoin in the past, went on to embrace the cryptocurrency throughout his campaign.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
Her campaign went so far as to create a fundraising page that accepts donations in various cryptocurrencies. On the other hand, Vice President Kamala Harris has been pressured by pro-crypto forces to take a more positive line towards digital assets. “Crypto for Harris” campaign It was launched to enhance its appeal among young voters passionate about digital assets.
Efforts to implement crypto-friendly policies are more electoral than strictly partisan. While young voters see cryptocurrencies as a means to financial independence and innovation, they are learning this from the candidates.
Implications for the US elections
With Only 9% of Americans Investors are reportedly satisfied with the status quo of the financial system and the demand for change resonates strongly. The growing interest in cryptocurrencies is part of a broader desire for systemic reform, leaving candidates who fail to heed at risk of alienating blocs of the electorate.
The direction of cryptocurrencies in the United States will be defined in the run-up to the US elections. A large portion of young voters believe that the financial system really needs a change; they also see cryptocurrencies as the future of money. Particularly in battleground states where every vote counts, this kind of attitude could be expected to influence voter behavior.
Featured image from Open Canada, chart from TradingView
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