As a seasoned investor with a keen eye for trends and a heart full of hope for the future, I find Coinbase’s prediction intriguing. Having witnessed the rise of cryptocurrencies from their infancy to becoming a significant player in the financial landscape, I can attest to its potential to disrupt traditional systems.
Coinbase posits that enthusiastic, crypto-supporting youth voters could significantly impact the outcome of the 2024 U.S. presidential election, possibly determining the winner.
According to a report published on August 19th, it’s noted that Generation Z and Millennials, currently accounting for 40% of voters, are progressively favoring political candidates who promote cryptocurrencies and financial advancements.
Crypto’s Growing Appeal Ahead of 2024 Elections
Based on the blog post, it appears that younger Americans are increasingly disgruntled with the existing financial system. A mere 9% of them express satisfaction, while this number falls to 7% for those under 40. The reasons behind this dissatisfaction include escalating costs, high fees, and perceived inefficiencies associated with traditional finance. As a result, many young voters are turning towards cryptocurrencies as a possible solution due to their perceived benefits.
As an analyst, I find it intriguing that the growing trend towards cryptocurrency, such as the one observed on Coinbase, isn’t merely a response to financial dissatisfaction but rather a manifestation of a larger yearning for systemic change and innovation. Interestingly, this trend aligns with the surge in youth participation in political elections. For instance, the 2020 elections saw a significant increase in voter turnout among those under 30, with 55% of eligible voters casting their ballots compared to 44% in 2016. Remarkably, this upward trend is expected to persist, as 92% of registered electors under 35 have expressed intentions to vote in the 2024 elections. This suggests a generational shift towards active engagement with both financial and political systems, seeking transformation and progress.
The allure of cryptocurrencies cuts across typical political boundaries, as revealed by a survey showing that among the youthful owners of digital assets in key electoral states, 41% lean Democratic, 39% are Republican supporters, while 20% identify with other parties or independents.
1) According to Coinbase, there’s a shared interest between political parties on crypto-related matters, making pro-crypto policies an important factor for candidates from both major parties. Approximately 38% of younger voters see digital currencies and blockchain technology as potential paths to financial opportunities that traditional finance may not provide.
Pro-Crypto Youth Could Sway Key Battleground States
Additionally, Coinbase suggests that these electors might have a substantial influence on decisive swing states such as Arizona, Georgia, and Michigan. In particular, youth turnout in Georgia saw a notable increase of 14 percentage points between 2016 and 2020, with half of all eligible young adults under the age of 30 taking part in the most recent presidential election.
Furthermore, the supporters of “Stand with Crypto” in Georgia have more than tripled the margin of votes that determined the state’s election result in 2020.
2020 saw youth voter participation in Arizona soar beyond the nationwide average, as compared to 2016. Meanwhile, in Michigan, youth turnout rose significantly from 42% in 2016 to 54% in 2020, contributing to President Biden’s close victory in a state with crucial electoral votes.
As a researcher, I recently uncovered some fascinating insights from a survey conducted in May 2024. In pivotal election states, more than one out of five individuals consider cryptocurrency a crucial topic for the upcoming elections. Among Gen Z respondents who’ve dabbled in digital assets, an impressive 90% believe our financial system necessitates change, and a noteworthy 61% are inclined to back candidates advocating for the crypto sector.
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2024-08-25 14:57