A recent report by Coinbase suggests that young, pro-crypto voters could play a crucial role in shaping the outcome of the 2024 US presidential elections. The exchange highlights the fact that Generation Z and Millennials, who now make up 40% of the electorate, are increasingly backing candidates who advocate for cryptocurrency and financial innovation. According to the report, younger Americans are becoming disillusioned with the current financial system, with only 9% expressing satisfaction, a number that drops to 7% for those under the age of 40.
Rising Dissatisfaction with Traditional Finance
The rising costs, high fees, and perceived inefficiencies in traditional finance are driving many young voters towards cryptocurrencies as a potential solution. Coinbase argues that this trend reflects a larger desire for systemic change and innovation, beyond just financial frustrations. The 2020 elections saw an increased turnout among voters under the age of 30, with 55% of eligible voters participating, compared to 44% in 2016. It is projected that this trend will continue, with 92% of registered voters under the age of 35 planning to vote in the upcoming 2024 polls.
Interestingly, the appeal of crypto transcends traditional party lines, with 41% of digital asset owners under the age of 35 in swing states identifying as Democrats, 39% as Republicans, and 20% as independents or belonging to other parties. This bipartisan interest in crypto is seen as a key factor that positions pro-crypto policies as an important consideration for candidates from both major political parties.
Economic Opportunities and Systemic Change
Nearly two in five young voters (38%) view digital currencies and blockchain technology as avenues for increasing economic opportunities that traditional finance is unable to provide. Coinbase believes that these voters could have a significant impact on crucial battleground states such as Arizona, Georgia, and Michigan. In Georgia, for instance, youth participation increased by 14 percentage points from 2016 to 2020, with 51% of eligible individuals under the age of 30 casting their ballots in the last presidential election.
The number of “Stand with Crypto” advocates in Georgia now surpasses the vote differential that decided the state in 2020, indicating the growing influence of pro-crypto sentiment. Similarly, in Arizona, youth turnout in 2020 exceeded the national average compared to the previous election in 2016. In Michigan, the youth turnout increased from 42% in 2016 to 54% in 2020, playing a role in President Biden’s narrow victory in a state with critical electoral votes.
Importance of Cryptocurrency in the Election
A recent 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, 90% believe that the financial system is in need of reform, and 61% are inclined to support candidates who are favorable towards the crypto industry.
The growing support for cryptocurrency and financial innovation among young, pro-crypto voters could potentially sway the outcome of the 2024 US presidential elections. Candidates from both major parties need to take into account the interests and concerns of these voters to secure their support and win crucial battleground states. As the influence of crypto continues to rise, it is clear that the voices of young voters will play an increasingly significant role in shaping the political landscape of the future.
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