Coinbase has expressed the belief that young, pro-crypto voters might influence the 2024 US presidential elections and potentially could become the deciding factor on who wins.
In a report released on August 19, the exchange states that Gen Z and Millennials—who now represent 40% of the electorate—are increasingly supporting candidates who advocate for crypto and financial innovation.
Crypto’s Growing Appeal Ahead of 2024 Elections
According to the blog , younger Americans are growing dissatisfied with the current financial system. Only 9% express contentment, a figure that drops to 7% for those under 40. Rising costs, high fees, and perceived inefficiencies in traditional finance drive many youth voters towards 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 elections had an increased turnout of those under 30, with 55% of eligible balloters participating compared to 44% in 2016. Notably, the rise is expected to continue as 92% of registered electors under 35 have plans to vote in the 2024 polls.
Crypto’s appeal transcends traditional party lines, with 41% of digital assets owners under 35 in swing states identifying as Democrats, 39% as Republicans, and 20% as independents or others.
Coinbase believes this bipartisan interest positions pro-crypto policies as a key consideration for candidates from both major parties. Nearly two in five young voters (38%) view digital currencies and blockchain as avenues for increasing economic opportunities that traditional finance cannot offer.
Pro-Crypto Youth Could Sway Key Battleground States
Coinbase also believes these electors could significantly impact key battleground states like Arizona, Georgia, and Michigan. In Georgia, youth participation rose by 14 percentage points from 2016 to 2020, with 51% of eligible individuals under 30 casting ballots in the last presidential election.
In addition, the number of “Stand with Crypto” advocates in Georgia now triples the vote differential that decided the state in 2020.
In Arizona, youth turnout in 2020 surged above the national average compared to 2016. In Michigan, it increased from 42% in 2016 to 54% in 2020, playing a role in President Biden’s narrow win in a state with critical electoral votes.
Meanwhile, a May 2024 poll revealed that over 20% of individuals in key battleground states view cryptocurrency as a significant 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.
