For young people in particular, cryptocurrencies have become a hot topic in the 2024 US elections. According to a recent study, today’s Gen Z and millennials account for 40% of the vote, due to their frustration with the traditional financial system and their search for candidates to boost their interest in digital finance solutions and cryptocurrencies. Coinbase Survey.
With 25% of voters between the ages of 18 and 34 owning cryptocurrency, compared to just 14% of older Americans, this demographic appears to be not only tech-savvy, but politically engaged as well.
Voter turnout trends
Signs of influence are already emerging among young voters. Young people under the age of 30 turned out in large numbers in 2020, especially in swing states like Georgia and Arizona. Candidates promoting crypto policies are increasingly targeting young people. According to research, 51% of young voters are more likely to vote for crypto supporters.
This could lead to many of these candidates being elected to act on behalf of this tech-savvy group. Interestingly, these young crypto users are almost evenly divided politically – about 41% identify as Democrats, about 39% as Republicans, and the remaining 20% identify as independents.
Become a Cryptocurrency Pro
In fact, both major political parties, keen to chase the youth vote, have become more pro-crypto as the US election approaches. Sure, you have a Republican candidate Donald Trump Who has shown skepticism about Bitcoin in the past, moved to embrace cryptocurrencies during his campaign.
Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com
His campaign has gone so far as to create a fundraising page that accepts donations in various cryptocurrencies. On the other hand, Vice President Kamala Harris has been under pressure from pro-crypto forces to adopt a more positive line towards digital assets. Crypto for Harris Campaign It was launched with the aim of increasing its appeal among young voters interested in digital assets.
The push for crypto-friendly policies is more electoral than purely partisan. While younger voters see crypto as a means to financial independence and innovation, they are learning this from the candidates.
Implications for the US Elections
with Only 9% of Americans Although voters are content with the status quo of the financial system, the demand for change is strong. The growing interest in cryptocurrencies is part of a larger desire for systemic reform, which puts candidates who fail to address the issue at risk of alienating blocs of voters.
The trajectory of cryptocurrencies in America will be determined in the run-up to the US election. A large number of young voters believe that the financial system really needs to change; they see cryptocurrencies as the future of money. This kind of attitude is expected to influence voting behavior, especially in swing states where every vote counts.
Featured image from Open Canada, chart from TradingView
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