Lawrence Damilola
Cryptocurrency ownership is increasing among young Democratic and Republican voters in swing states, making it a key factor that could determine who will win the high-stakes U.S. presidential election between former President Donald Trump and current Vice President Kamal Harris.
Forty-one percent of voters under 35 who own cryptocurrency in battleground states identify as Democrats, while 39% identify as Republicans, a study conducted in July by Impact Research has found. The study indicates a growing interest in digital assets that cuts across party lines, a fact that cannot be ignored by either party as Trump and Harris are polling neck and neck in swing states.
Arizona, Georgia, Michigan, Nevada, Pennsylvania and Wisconsin are considered the battleground states for the 2024 presidential election.
Young voters, particularly those between the ages of 18 and 34, are emerging as a crucial demographic in these states. In the 2020 election, youth turnout played a role in key states such as Georgia, where more than half of the voters under 30 cast ballots. This represented a significant increase from 2016 and contributed to President Joe Biden’s narrow victory in the state.
The study, commissioned by Coinbase research, suggests that these younger voters are increasingly disillusioned with the current financial system, driving interest in cryptocurrency as an alternative.
A different report from Pew Research found that in the 2022 midterm elections, 36% of voters were under 50, a decline from the 40% seen in 2018. Despite this trend, candidates on both sides of the aisle are beginning to recognize the importance of addressing the concerns of younger, pro-crypto voters.
Trump, who previously criticized Bitcoin as a “scam,” has shifted his stance in recent years by launching non-fungible tokens and advocating for domestic Bitcoin mining. Meanwhile, the Democratic campaign has largely remained silent on digital assets, with no clear position outlined during the party’s convention in Chicago. President Joe Biden has come under withering criticism from the crypto community for letting his market regulators see-saw on crypto regulations.
The Impact Research study also found that a fifth of the voters in key swing states consider cryptocurrency a significant issue in the upcoming election. Among younger voters, interest in crypto is even higher. In Arizona, 88% of crypto owners under 44 believe the financial system requires reform, with nearly 30% advocating for a complete overhaul.
Additionally, 61% of crypto owners under 35 in five key battleground states expressed enthusiasm for candidates who support the industry.
Crypto policy is expected to be a focus in the lead-up to November as campaigns are forced to adapt to the concerns of this younger, diverse voting base.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
