Pro-crypto young voters could sway 2024 election: Coinbase

Crypto has emerged as a major political issue this election season, and according to a recent report, young crypto voters could play a significant role in the 2024 US elections, especially in hotly contested states.

According to Coinbase, Millennials and Gen Z, who make up 40% of eligible voters, are increasingly disillusioned with the current financial system and may base their votes on these feelings.

The report highlights that this demographic is also a leader in crypto innovation, with 25% of 18-34 year olds owning cryptocurrencies, compared to just 14% of older Americans.

Source – Coinbase

The report also suggests that many young voters who support crypto are preparing to make their voices heard at the ballot box. Politicians seeking their support should address their demand for a future that includes digital currencies and blockchain technology.

Voter turnout

The influence of young voters is already evident. Voter turnout among voters under 30 increased significantly in 2020, especially in key battleground states like Georgia and Arizona. These voters are more likely to support candidates who demonstrate crypto-friendly policies, with 51% indicating they would support such candidates in 2024.

“Nearly four in ten (38%) see crypto as the future of finance. And importantly, more than half (51%) are likely to support crypto-friendly candidates in 2024. Young voters can tip the scales for either party, and that’s even more critical in close states where a handful of ballot measures could mean a path to victory for either party.”

Coinbase

Crypto has become a bipartisan issue, with young cryptocurrency holders in swing states evenly split in their political allegiances. In these states, roughly the same percentage of cryptocurrency-holding voters under the age of 35 identify as either Democrat (41%) or Republican (39%).

Political crypto-fawning

Both political parties adopted pro-crypto stances this election season to attract crypto voters.

Republican candidate Donald Trump didn’t shy away from expressing a pro-crypto sentiment during his last campaign. Historically, he has had a mixed stance on cryptocurrencies. In 2019, he expressed skepticism towards Bitcoin, calling it “very volatile.” However, during this election cycle, Trump has expressed his support for crypto.

The Trump campaign has also launched a fundraising page accepting donations in any cryptocurrency available on the Coinbase platform. Meanwhile, a pro-Harris advocacy group called Crypto for Harris has launched a campaign to rally support from the crypto community.

The effort is aimed at improving Harris’ standing with digital asset advocates and countering Republican efforts to appeal to the same voter base.