Younger Pro-Crypto Voters Could Be Decisive in 2024 US Election: Coinbase

Coinbase has expressed the belief that young, pro-crypto voters could influence the 2024 US presidential election and potentially become the deciding factor in 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 supporting candidates who champion cryptographic and financial innovation.

Crypto’s growing appeal ahead of the 2024 election

According to the blog, younger Americans are growing dissatisfied with the current financial system. Only 9% express their satisfaction, a figure that drops to 7% for those under 40. Rising costs, high fees, and perceived inefficiencies in traditional finance are pushing many young voters toward cryptocurrencies as a potential solution.

This trend, according to Coinbase, is a reflection of the larger desire for systemic change and innovation, not just financial frustration. In 2020, the election saw a higher turnout of under-30s, with 55% of eligible voters taking part compared to 44% in 2016. In particular, the increase is expected to continue as 92% of registered voters under the age of 35 plan to vote in the 2024 polls.

Crypto’s appeal transcends traditional party lines, with 41% of digital asset owners under 35 in swing states identifying as Democrats, 39% as Republicans, and 20% as to independents or others.

Coinbase believes this bipartisan interest positions pro-crypto policies as a key consideration for candidates from both major parties. Almost two in five young voters (38%) see digital currencies and blockchain as avenues to increase economic opportunities that traditional finance cannot provide.

Pro-Crypto youth could influence key battleground states

Coinbase also believes these voters could significantly affect key battleground states like Arizona, Georgia and Michigan. In Georgia, youth turnout increased 14 percentage points from 2016 to 2020, with 51% of eligible people under 30 voting in the last presidential election.

Also, the number of “Stand with Crypto” advocates in Georgia now triples the vote margin that decided the state in 2020.

In Arizona, youth turnout in 2020 rose above the national average compared to 2016. In Michigan, it rose from 42% in 2016 to 54% in 2020, playing a role in President Biden’s narrow victory in a state with critical electoral votes.

Meanwhile, a May 2024 poll revealed that more than 20% of people in key battleground states see cryptocurrency as an important issue in the upcoming election. Among Gen Z participants who have owned digital assets, 90% believe the financial system needs reform and 61% are inclined to support candidates who favor the crypto industry.

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