Coinbase has expressed its belief that young, pro-cryptocurrency voters could influence the 2024 US presidential election and could potentially become the deciding factor on who wins.
In a report published on August 19, the exchange claims that Generation Z and Millennials, who now make up 40% of the electorate, are increasingly secondary candidates who advocate for financial and crypto innovation.
The growing appeal of cryptocurrencies ahead of the 2024 elections
According to the blogYounger Americans are increasingly dissatisfied with the current financial system. Only 9% are satisfied, a figure that drops to 7% for those under 40. Rising costs, high fees, and perceived inefficiencies in traditional finance are leading many young voters to consider cryptocurrencies as a possible solution.
According to Coinbase, this trend is a reflection of a greater desire for systemic change and innovation, not just financial frustration. In 2020, the election saw a higher turnout among those under 30, with 55% of eligible voters participating compared to 44% in 2016. Notably, the increase is expected to continue, as 92% of registered voters under 35 plan to vote in the 2024 election.
Cryptocurrencies appeal It transcends traditional party lines: 41% of digital asset owners under age 35 in key states identify as Democrats, 39% as Republicans, and 20% as independents or other.
Coinbase believes this bipartisan interest positions pro-cryptocurrency policies as a key consideration For candidates from both major parties, nearly two in five young voters (38%) see digital currencies and blockchain as avenues for increasing economic opportunities that traditional finance cannot offer.
Pro-cryptocurrency youth could sway key swing states
Coinbase also believes that these voters could have a significant impact in key states like Arizona, Georgia, and Michigan. In Georgia, youth turnout increased by 14 percentage points between 2016 and 2020, and 51% of eligible people under 30 cast ballots in the last presidential election.
Additionally, the number of “Stand with Crypto” advocates in Georgia now triples the vote difference that decided the state in 2020.
In Arizona, youth turnout in 2020 exceeded the national average compared to 2016. In Michigan, it rose from 42% in 2016 to 54% in 2020, influencing President Biden’s narrow victory in a state with crucial electoral votes.
Meanwhile, a May 2024 survey revealed that more than 20% of people in key swing states consider cryptocurrencies to be an important issue in the upcoming election. Among Gen Z participants who have held digital assets, 90% believe the financial system needs reform and 61% are inclined to support candidates who favor the cryptocurrency industry.
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