The recent report from Coinbase suggests that the upcoming 2024 US presidential elections could see a significant impact from young voters who are pro-crypto. This demographic, made up of Gen Z and Millennials, now accounts for 40% of the electorate and is increasingly throwing their support behind candidates who advocate for cryptocurrencies and financial innovation.
A key driving factor behind the growing support for cryptocurrencies among young voters is their dissatisfaction with the current financial system. With only 9% expressing contentment and the number dropping to 7% for those under 40, rising costs, high fees, and perceived inefficiencies in traditional finance are pushing many towards digital assets as a potential solution. This discontent is not just about finances but also reflects a broader desire for systemic change and innovation.
The 2020 elections saw an increased turnout of young voters, with 55% of eligible individuals under 30 participating compared to 44% in 2016. This trend is expected to continue, with 92% of registered electors under 35 planning to vote in the upcoming 2024 polls. The appeal of cryptocurrencies seems to transcend traditional party lines, with a significant portion of digital asset owners identifying as Democrats, Republicans, or independents.
Coinbase believes that young voters who are interested in cryptocurrencies could have a significant impact on key battleground states such as Arizona, Georgia, and Michigan. Youth participation in these states has been on the rise, with Georgia seeing a 14-point increase from 2016 to 2020 and Arizona experiencing a surge in youth turnout above the national average. In Michigan, the increase in youth participation played a role in determining the outcome of the election.
Significance of Crypto as an Election Issue
A poll conducted in May 2024 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 own digital assets, a vast majority believe that the financial system is in need of reform and are inclined to support candidates who are in favor of the crypto industry.
The influence of young crypto voters on the 2024 US presidential elections cannot be underestimated. Their growing support for cryptocurrencies and financial innovation, coupled with their desire for systemic change, could potentially sway the outcome of the elections in key states. Candidates from both major parties need to take into account the preferences and concerns of this demographic in order to secure their votes and ultimately win the election.
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