The recent report by Coinbase suggests that there is a growing trend among young voters, particularly Gen Z and Millennials, to support candidates who advocate for crypto and financial innovation. These generations now make up 40% of the electorate and are increasingly dissatisfied with the current financial system. According to the report, only 9% of young Americans express contentment with traditional finance, a figure that drops to 7% for those under 40. The rising costs, high fees, and perceived inefficiencies in the traditional financial system are driving many youth voters towards cryptocurrencies as a potential solution.
The trend towards supporting crypto-friendly candidates is seen as a reflection of a larger desire for systemic change and innovation, rather than just financial frustration. The report suggests that in 2020, there was an increased turnout of voters under 30, with 55% of eligible balloters participating compared to 44% in 2016. Moreover, 92% of registered electors under 35 have plans to vote in the 2024 polls. This indicates a growing interest and engagement in the electoral process among young voters.
One interesting finding in the report is that crypto’s appeal transcends traditional party lines. In swing states, 41% of digital assets owners under 35 identify as Democrats, 39% as Republicans, and 20% as independents or others. This bipartisan interest in cryptocurrency 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.
Coinbase believes that young, pro-crypto voters 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. The number of “Stand with Crypto” advocates in Georgia now triples the vote differential that decided the state in 2020. Similarly, youth turnout in Arizona surged above the national average in 2020 compared to 2016, while in Michigan, it played a role in President Biden’s narrow win with critical electoral votes.
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 that the financial system needs reform, and 61% are inclined to support candidates who favor the crypto industry. This indicates a growing awareness and importance of crypto-related policies among young voters, highlighting the potential influence they may have on the outcome of the 2024 US presidential elections.
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