For young people in particular, cryptocurrency has become a hot topic in the 2024 US election. Frustrated with the conventional financial system and looking for candidates to promote their interest in digital financial solutions and digital currencies, Gen Z and Millennials now make up 40% of the vote, according to a recent Coinbase survey.
With 25% of voters aged 18 to 34 owning cryptocurrency, compared to just 14% of older Americans, it seems this demographic is not only tech-savvy but also politically engaged.
Trends in voter turnout
The influence of young voters is already starting to pay off. Under-30s turned out in droves in 2020, particularly in key states like Georgia and Arizona. Candidates who promote crypto policies are increasingly targeting young people. According to the study, 51% of young voters would likely vote for a crypto supporter.
This could lead to the election of a significant number of candidates who would act in the best interests of this tech-savvy group. Remarkably, these young crypto users are almost evenly divided politically: about 41% identify as Democrats and about 39% as Republicans, with the remaining 20% identifying as independents.
Becoming pro-crypto
Indeed, both major political parties, both eager to win over the youth vote, are increasingly supportive of cryptocurrencies as the US elections approach. Of course, there is Republican candidate Donald Trump, who, after showing skepticism about Bitcoin in the past, has embraced cryptocurrencies during his campaign.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
Her campaign has gone so far as to create a fundraising page that accepts donations in various cryptocurrencies. Vice President Kamala Harris, meanwhile, has been pushed by pro-crypto forces to take a more positive line on digital assets. The “Crypto for Harris” campaign is being launched to boost her appeal to young voters who are passionate about digital assets.
The push for pro-cryptocurrency policies is more electoral than strictly partisan. As younger voters see cryptocurrencies as a path to financial independence and innovation, they are starting to learn more about them from candidates.
Consequences for the US elections
With only 9% of Americans saying they are satisfied with the status quo of the financial system, the demand for change is strong. The growing interest in cryptocurrencies is part of a broader desire for systemic reform, meaning candidates who ignore it risk alienating large swaths of the electorate.
The evolution of cryptocurrencies in the United States will be determined as the US elections approach. A large proportion of young voters believe that the financial system needs to be truly transformed; they also see cryptocurrencies as the future of money. Particularly in key states where every vote counts, we can expect this type of attitude to influence voting behaviour.
Featured image from Open Canada, chart by TradingView
