For young people especially, crypto has grown to be a hot button topic in the 2024 US election. Frustrated with the conventional financial system and seeking candidates to push their interest in digital finance solutions and digital currencies, Gen Z and Millennials today account for 40% of the vote, according a recent Coinbase survey.
With 25% of voters between the ages of 18 and 34 owning crypto, compared to just 14% of older Americans, it would seem that this demographic isn’t just tech-savvy but politically engaged, too.
Voter Turnout Trends
The influence of young voters is already showing signs of impact. Under-30s turned out in droves in 2020, especially in battleground states like Georgia and Arizona. Candidates promoting crypto policies are increasingly targeting young people. According to the research, 51% of young voters would likely vote for a crypto supporter.
This could possibly lead to the election of so many of these candidates such that they act in the best interest of this tech-savvy group. Remarkably, these young crypto users are politically divided almost evenly—around 41% identify as Democrats and about 39% identify with Republicans, and the remaining 20% consider themselves Independents.
Becoming Pro-Crypto
Indeed, the two big political parties, both of them desperate to chase the elusive youth vote, are becoming more and more pro-crypto as the US election nears. Sure, you’ve got Republican nominee Donald Trump, who after showing skepticism for Bitcoin in the past, tacked over into embracing cryptocurrency over the course of his campaign.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
His campaign went so far as to create a fundraising page that takes donations in various cryptocurrencies. On the other side, Vice President Kamala Harris has been pressured by pro-crypto forces to toe a more positive line toward digital assets. The “Crypto for Harris” campaign is launched to enhance her appeal to young voters who are passionate about digital assets.
The efforts toward crypto-friendly policies are rather electoral rather than strictly partisan. Whereas young voters view cryptocurrency as a means toward financial independence and innovation, they are coming to learn this from candidates.
Implications For The US Election
With only 9% of Americans reportedly satisfied with the status quo in the financial system, the demand for change rings loudly. A growing interest in crypto is part of a larger desire for systemic reform, leaving candidates who fail to pay attention to risk alienating blocks of the electorate.
The course of cryptocurrencies in America will be defined in the run-up to the US elections. A big chunk of young voters believe the financial system truly needs to be changed; they are also seeing crypto as the future of money. Particularly in the battleground states where every vote counts, this kind of attitude could be expected to influence voting behavior.
Featured image from Open Canada, chart from TradingView
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