Young Voters Could Tip the Scales

Coinbase believes that young, pro-crypto voters could play a pivotal role in the 2024 US presidential election and 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—increasingly align with candidates supporting crypto and financial innovation. This shift could potentially change the outcome of closely contested races.

Rising Discontent with Traditional Finance

According to the report, younger Americans are deeply dissatisfied with the current financial system.

Only 9% of Americans express satisfaction with the system overall, and this number drops to just 7% among those under 40.

The report added that this growing discontent—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.

"This trend is not only about financial frustration but also reflects a broader desire for systemic change and innovation," Coinbase noted.

Increasing Voter Turnout

In the 2020 election, voter turnout among those under 30 increased significantly, with 55% of eligible voters participating—a notable rise from the 44% turnout in 2016.

Coinbase expects this trend to continue, citing that 92% of registered voters under 35 have indicated plans to vote in the 2024 election.

The exchange further believes that this group, which increasingly views crypto as the future of finance, could have a decisive impact, particularly in closely contested battleground states.

Bipartisan Appeal

Coinbase also emphasized that crypto's appeal crosses traditional party lines, especially in swing states.

The report highlights that 41% of crypto owners under 35 in these states identify as Democrats, 39% as Republicans, and 20% as independents or others. This bipartisan interest positions pro-crypto policies as a crucial consideration for candidates from both major parties.

The company notes that nearly two in five young voters (38%) view crypto and blockchain as avenues to increase economic opportunities that traditional finance cannot offer.

Key Battleground States

The exchange believes that the influence of young, pro-crypto voters could be particularly significant in crucial battleground states like Georgia, Arizona, and Michigan.

The report pointed out that in Georgia, youth voter turnout increased by 14 percentage points from 2016 to 2020, with 51% of eligible voters under 30 casting ballots in the last presidential election.

According to Coinbase, the number of 'Stand with Crypto' advocates in Georgia now triples the vote differential that decided the state in 2020, suggesting that the pro-crypto, young voting demographic could have a measurable impact on the 2024 outcome.

Similar trends are observed in Arizona, where youth voter turnout surged more than the national average in 2020 compared to 2016. Meanwhile, in Michigan, youth voter turnout rose from 42% in 2016 to 54% in 2020, helping secure a narrow victory for President Biden in a state with critical electoral votes.

Broader Implications

Coinbase also highlighted that, beyond individual states, young crypto voters represent a broader shift in priorities. The report cites a May 2024 poll indicating that over 20% of voters in several battleground states consider crypto a vital issue in the upcoming election.

Among Gen 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.