- Crypto's Growing Appeal Ahead of 2024 Elections
- Pro-Crypto Youth Could Sway Key Battleground States
- An Insight into Crypto's Impact by States
Coinbase believes that young, pro-crypto voters might influence the 2024 US presidential elections and potentially could become the deciding factor on who wins.
Crypto's Growing Appeal Ahead of 2024 Elections
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. Younger Americans are growing dissatisfied with the current financial system, with only 9% expressing 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.
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 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.
An Insight into Crypto's Impact by States
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.
Based on Coinbase's observations, cryptocurrencies could become a significant factor in the upcoming elections, influencing young voter preferences and potentially determining the outcome in key states.
