A recent study by Coinbase reveals that among young cryptocurrency holders under 35 in pivotal swing states for the 2024 U.S. presidential election, political affiliation is nearly evenly divided, with 41% identifying as Democrats and 39% as Republicans. This demographic’s significant presence underscores the potential for crypto-related issues to impact election outcomes in these battleground states.
Historically, young voters have played a decisive role in elections, with a notable increase in turnout observed during the 2020 election compared to 2016. However, this trend did not continue into the 2022 midterms, where voter turnout among those under 50 dropped to 36% from 40% in 2018. Coinbase highlighted, “Young voters can tip the scales for either party – and this is all the more critical in battleground states where a handful of ballots can mean the path to victory for either party.”
In the context of the upcoming election, Republican nominee Donald Trump has shifted his stance from criticizing Bitcoin to embracing digital assets, including launching NFTs. Conversely, Vice President Kamala Harris, representing the Democratic ticket, has remained largely silent on cryptocurrency since the commencement of her campaign in July.
The Democratic National Convention is set to take place in Chicago, but it remains uncertain whether digital assets will be addressed. The latest update to the Democratic platform notably omits any mention of crypto or blockchain technology. Despite some Democrats suggesting a possible shift from President Biden’s anti-crypto position, the 2024 platform emphasizes issues such as corporate greed, housing, education, and foreign policy, with no focus on digital assets.
As of August 19, polls indicate a tight race between Harris and Trump, with each candidate showing slight leads in key swing states. Biden’s narrow victory over Trump in the 2020 election was secured by a slim margin in these crucial states.
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