Crypto has become a hot topic, especially for young people, in the 2024 US election. Frustrated with the conventional financial system and looking for candidates to boost their interest in digital financial solutions and digital currencies, Gen Z and Millennials now account for 40% of the vote, according to a recent Coinbase survey.

With 25% of voters between the ages of 18 and 34 owning cryptocurrencies, compared to just 14% of older Americans, it appears that this demographic is not only tech-savvy, but also politically engaged.

Trends in election turnout

The influence of young voters is already showing signs of impact. Young people under 30 turned out in droves in 2020, especially in swing states like Georgia and Arizona. Candidates promoting crypto policies are increasingly targeting young people. According to the survey, 51% of young voters are likely to vote for a crypto supporter.

This could potentially lead to the election of so many of these candidates that they act in the best interests of this tech-savvy group. Interestingly, these young crypto users are almost evenly split politically, with about 41% identifying as Democrat and about 39% identifying as Republican, with the remaining 20% ​​identifying as Independent.

Become Pro-Crypto

The two major political parties, both desperate to capture the elusive youth vote, are becoming increasingly pro-crypto as the US election approaches. Of course, you have Republican candidate Donald Trump, who, after being skeptical of Bitcoin in the past, has moved to embrace cryptocurrency over the course of his campaign.

Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com

His campaign even went so far as to set up a fundraising page that accepted donations in various cryptocurrencies. On the other hand, Vice President Kamala Harris has been pressured by pro-crypto forces to take a more positive line on digital assets. The “Crypto for Harris” campaign was launched to broaden her appeal to young voters who are passionate about digital assets.

The push for crypto-friendly policies is electoral rather than strictly partisan. While young voters see cryptocurrency as a means to financial independence and innovation, they are learning this from candidates.

Implications for the US elections

With only 9% of Americans reportedly satisfied with the status quo in the financial system, the demand for change is loud. A growing interest in crypto is part of a larger desire for systemic reform, and candidates who don’t pay attention risk alienating blocks of the electorate.

The course of cryptocurrencies in America will be determined in the run-up to the American elections. A large part of the young voters believe that the financial system really needs to be changed; they also see crypto as the future of money. Especially in the states where every vote counts, this kind of attitude could influence voting behavior.

Main image of Open Canada, chart from TradingView