Coinbase believes that young, pro-crypto voters could play a pivotal role in the 2024 US presidential election and potentially become the deciding factor in who wins.

The exchange stated in an Aug. 19 blog post that recent research indicates Gen Z and Millennials — who now represent 40% of the electorate, are increasingly supporting candidates who advocate for crypto and financial innovation — potentially changing the outcome of tight races.

Deep dissatisfaction

The report reveals a deep dissatisfaction with the current financial system among younger Americans. Only 9% of Americans overall express satisfaction with the system, and this figure plummets to just 7% among those under 40.

The report further highlights that this growing discontent — fueled by rising costs, high fees, and perceived inefficiencies in traditional finance — is prompting many young voters to explore crypto as a potential solution.

According to Coinbase, this trend is not solely driven by financial dissatisfaction but also reflects a broader desire for systemic change and innovation. 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 anticipates this trend to continue, citing that 92% of registered voters under 35 have indicated their intention to vote in the 2024 election. The exchange further believes that this group, which increasingly views crypto as the future of finance, could exert considerable influence, especially in closely contested battleground states.

Coinbase also emphasizes that the appeal of crypto transcends traditional political affiliations, particularly in states with close election results. The report highlights that among crypto owners under 35 in these states, 41% identify as Democrats, 39% as Republicans, and 20% as independents or other political affiliations.

Coinbase believes that this bipartisan interest positions pro-crypto policies as a critical consideration for candidates from both major parties. The company notes that nearly two in five young voters (38%) view crypto and blockchain as tools to enhance economic opportunities that traditional finance cannot provide.

Swing voters

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

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

According to Coinbase, the number of “Stand with Crypto” advocates in Georgia now exceeds three times the vote difference that decided the state in 2020, suggesting that the pro-crypto, young voting bloc could have a significant impact on the 2024 outcome.

Similar trends are observed in Arizona, where youth voter turnout significantly surpassed the national average in 2020 compared to 2016. Meanwhile, in Michigan, youth voter turnout rose from 42% in 2016 to 54% in 2020, contributing to President Biden's narrow victory in a state with crucial electoral votes.

Coinbase also emphasized that, beyond individual states, young crypto voters represent a broader shift in priorities. The report cites a May 2024 poll indicating that more than 20% of voters in several key states consider crypto a major factor in the upcoming election .

Among Gen Z voters who have experience with cryptocurrency, a significant majority (90%) believe that the current financial system requires reform. Moreover, 61% are strongly supportive of candidates who advocate for the crypto industry.