Coinbase believes that young, pro-crypto voters could play a crucial role in the 2024 US presidential election and potentially become the deciding factor in who wins.
The exchange said in an Aug. 19 blog that recent research highlights that Gen Z and Millennials — who now make up 40% of the electorate — are increasingly aligning themselves with candidates who support crypto and financial innovation — potentially changing the outcome of closely contested races change.
Deep dissatisfaction
According to the report, younger Americans are deeply dissatisfied with the current financial system. Only 9% of Americans are satisfied with the system overall, and this figure drops to just 7% among those under 40.
The report added that this growing dissatisfaction – driven by rising costs, high fees and perceived inefficiencies in traditional finance – is leading many young voters to turn to crypto as a potential solution.
According to Coinbase, this trend is not just about financial frustration, but also reflects a broader desire for systemic change and innovation. The 2020 election saw a significant increase in turnout among under-30s, with 55% of eligible voters participating – a notable increase from the 44% turnout in 2016.
Coinbase expects this trend to continue, citing that 92% of registered voters under the age of 35 have indicated plans to vote in the 2024 elections. The exchange further believes that this group, which holds crypto increasingly regarded as the future of finance, could have a decisive impact, especially in closely contested theaters.
Coinbase also emphasized that crypto’s appeal crosses traditional party lines, especially in swing states. The report highlights that 41% of crypto owners under the age of 35 in these states identify as Democrats, 39% as Republicans, and 20% as independents or others.
Coinbase believes this dual interest positions pro-crypto policy as a crucial consideration for candidates from both major parties. The company notes that nearly two in five young voters (38%) see crypto and blockchain as opportunities to expand economic opportunities that traditional finance cannot provide.
Swinging voters
The exchange also believes that the influence of young, pro-crypto voters could be particularly strong in key battleground states like Georgia, Arizona and Michigan.
The report notes that youth turnout in Georgia increased by 14 percentage points between 2016 and 2020, with 51% of eligible voters under the age of 30 casting ballots in the last presidential election.
According to Coinbase, the number of proponents of “Stand with Crypto” in Georgia now triples the state’s 2020 vote margin, suggesting that the pro-crypto, young voting demographic could have a measurable impact on the 2024 outcome.
Similar trends are seen in Arizona, where youth turnout increased more than the national average in 2020 compared to 2016. Meanwhile, youth turnout in Michigan rose from 42% in 2016 to 54% in 2020, helping to secure a narrow victory for the to secure the president. Biden in a state with critical electoral votes.
Coinbase also highlighted that young crypto voters, in addition to individual states, represent a broader shift in priorities. The report cites a May 2024 poll showing that more than 20% of voters in several battleground states see crypto as an important issue in the upcoming elections.
Among Generation Z voters who currently or previously owned crypto, 90% believe the financial system needs change, and 61% are enthusiastic about supporting candidates who endorse the crypto industry.