jakiro
Source: Coinbase; Compilation: Wuzhu, bitchain vision
summary
Young voters played a decisive role in the 2020 U.S. election and are expected to be the decisive factor again in 2024.Generation Z and millennial voters make up 40% of all eligible voters and will be the majority of voters by 2028 – they represent largely voters who support cryptocurrency, innovation, and they hope support will help improveand candidates for updating the system.Any candidate who wants to win in 2024, especially those who run in battleground states that can decide the success or failure of the federal election, must take into account young, pro-cryptocurrency voters.
Only 9% of Americans say they are satisfied with the current financial system.And among young Americans [1], only 7% say the financial system works well for them.Tired of outdated systems, young voters are seeking change – a belief that is fostering an emerging, first-of-its-kind pro-crypto-voteer group that has elevated cryptocurrency to a key campaign issue in the 2024 election cycle.
Young voters are expected to participate in the upcoming U.S. election
Young Americans account for a considerable proportion of voters.Gen Z and millennial voters make up 40% of all eligible voters, will be the majority of voters by 2028 and have a good track record of influencing elections at all levels of government.For example, in 2020, 55% of eligible voters under the age of 30 expressed their voices in the ballot box, 11 percentage points higher than in 2016.This active constituency is likely to be the decisive factor again in 2024; 92% of registered voters under the age of 35 say they may vote in the November election [2].
Not only is this voting group large in scale, but their worldview is different from previous generations.Only 19% of millennials and 9% of Gen Z adults believe the American Dream is Achievable[3].They are actively seeking change.And part of this change is cryptocurrency.The younger generation faces increasing economic pressure and is increasingly disappointed with the current system, but they are increasingly empowered by technology and have the courage to act under their influence.Therefore, the number of cryptocurrencies owned by younger generations far exceeds that of older people – 25% of younger generations aged 18-34 years old owned by cryptocurrencies, compared with 14% of older Americans [4].It can be seen from the growing number of supporters who promise to support cryptocurrencies – at the time of writing, that number is 1.33 million – and they are looking for candidates who can, like them, provide innovative solutions to systemic problems.With less than 80 days left before the 2024 election, candidates from both parties who hope to win this November must focus on young, diverse, crypto-backed voters as they can decide the success or failure of the campaign.
Young voters see cryptocurrency as a primary political issue — especially in battleground states
Contrary to popular belief, cryptocurrencies are a nonpartisan problem: 41% of cryptocurrency holders in swing states under 35 consider themselves Democrats, 39% consider themselves Republicans, and 20%Consider yourself an independent or other person [5].Now,Adoption of cryptocurrency by young voters has helped cryptocurrency policy become a key topic in this year’s campaign.Nearly two-fifths (38%) say cryptocurrencies and blockchain can increase economic opportunities for them, which traditional finance cannot do.Nearly four out of 10 (38%) believe cryptocurrencies are the future of finance.Importantly, more than half (51%) of people may support crypto-friendly candidates in 2024.Young voters can have a decisive impact on either side—this is especially important in battlefield states, as a small number of votes may mean a path to victory for either side.
In Georgia, for example, 51% of eligible voters under the age of 30 voted in 2020, compared with 37% in 2016.This is the largest growth in the southern population structure and a major factor in President Biden’s narrow victory in the state in 2020.Cryptocurrencies have become a concern since then, especially among young voters, with supporters of Georgia’s “pro-cryptocurrency” now having three times the voting gap as a result of 2020’s decision to Biden and Trump.With Georgia expected to be one of the most competitive states in the U.S. this year, turnout for young voters who support cryptocurrencies will have a measurable impact on who wins the state.
Other battlefield states follow the same pattern.Compared to 2016, the surge in young voters in Arizona in 2020 was greater than that in national terms.We know that this surge is accompanied by calls for change; among cryptocurrency holders under the age of 44 in Arizona, 88% of past and present holders believe that the financial system needs to be changed, and 27% hope to completely reform the system [5].In Michigan, youth turnout in 2020 jumped from 42% in 2016 to 54%, helping President Biden win again in one of the most important Electoral College states.
The future of the financial system will be decided on the ballot in November this year
With the emergence of a new generation of voters, digital asset innovation has also become a new focus of attention.A poll released in May this year showed that more than 20% of voters in several battlefield states believe cryptocurrencies are a key issue in the upcoming U.S. election.When you narrow down to the latest generation of voters, 90% of Gen Z former and current cryptocurrency holders in the five key swing states believe that the financial system needs to change [5],61% of former and current cryptocurrency holders in five key swing states say they are keen to vote for candidates supporting the cryptocurrency industry this year[5].In these states, young cryptocurrency holders are tired of the rising costs and high fees of traditional financial services and believe that cryptocurrencies and blockchain can help solve these problems.
With the 2024 candidates making their final sprint before Election Day, these points of evidence should become clear call to action: Young, pro-cryptocurrency voters will make their voices in the ballot box this year.Politicians who want to get votes must address the future they expect.This future is financial and economic freedom.And cryptocurrencies will be the path to this future.
Notes:
[1] For the purposes of this blog post, “Young Americans” and “Young Voters” refer to people aged 18-40, unless otherwise stated.
[2] Source: Registered Voter Research, Impact Research commissioned by Coinbase Inc., June 2024.
[3] Source: Generation Research, Bovitz, Inc., Coinbase Inc. Commissioned, July 2023.
[4] Source: Morning Consult, April 2024.
[5] Source: Source: Swing State Research, Coinbase Inc. commissioned Impact Research, July 2024.
