Crypto has emerged as a significant political issue this election season, and a recent report suggests that young crypto voters could play a pivotal role in the upcoming 2024 U.S. elections, especially in battleground states.
According to Coinbase, Gen Z and Millennials, who now make up 40% of all eligible voters, are increasingly frustrated with the current financial system and could cast their votes based on these sentiments.
The report highlights that this demographic also leads in crypto innovation, with 25% of those aged 18-34 owning crypto, compared to just 14% of older Americans.
The report further argues that many young voters who support crypto are preparing to make their voices heard at the polls. Politicians seeking their support must address the demand for a future that includes digital currencies and blockchain technology.
Voter turnout
The influence of younger voters is already evident. In 2020, voter turnout among those under 30 significantly increased, notably in key battle states like Georgia and Arizona. These voters are more inclined to support candidates who have shown pro crypto-friendly policies, with 51% indicating they would back such candidates in 2024.
“Almost four in ten (38%) see crypto as the future of finance. And importantly, more than half (51%) of them are likely to throw their weight behind crypto-friendly candidates in 2024. Young voters can tip the scales for either party – and this is all the more critical in battleground states where a handful of ballots can mean the path to victory for either party.”
Coinbase
Crypto has become a bipartisan issue, with young cryptocurrency owners in swing states evenly split in their political affiliations. In these states, about the same percentage of voters under 35 who hold cryptocurrency identify as either Democrat (41%) or Republican (39%).
Political crypto pandering
Both political parties have embraced pro-crypto sentiment this election season to attract the crypto voter.
Republican nominee Donald Trump has not shied away from expressing a pro-crypto sentiment during his most recent campaign trail. Historically, he had a mixed stance on cryptocurrency. In 2019, he expressed skepticism about Bitcoin, calling it “highly volatile.” However, during this election cycle, Trump announced his support for cryptocurrency.
The Trump campaign also launched a fundraising page that accepts donations in any cryptocurrency available on the Coinbase platform. On the other side, a pro-Harris advocacy group called “Crypto for Harris” launched a campaign to garner support from the crypto community.
This effort aims to improve Harris’s standing with digital asset supporters, countering Republican efforts to attract the same voter base.