Changing voter demographics puts focus on Bitcoin for US 2024 election: Grayscale

Quick Take

  • Bitcoin as a policy issue in the 2024 US election is being driven by 44% of voters coming from the Millennials and Gen-Z demographic.
  • Young American voters more concerned with money than former values such as patriotism and religion, according to a report.

A new report highlights the rising significance of Bitcoin in the 2024 U.S. presidential election, correlating with data that Millennials and Gen Zers will make up 44% of the electorate.

In a report released Thursday, crypto investment firm Grayscale said the rise of Bitcoin coincides with the coming of age of this voter demographic that distrusts institutions and feels insecure about their financial future. The Bitcoin, Crypto, and the 2024 US Presidential Election report said Millennial and GenZ, "could be the most critical demographic of voters ahead of 2024."

"In the 2024 Presidential election, young people are projected to become the largest proportion of voters in history, with early reports noting Millennials and Gen-Zers will comprise 44% of American voters by 2024," Grayscale added.

Grayscale cited a study that suggests American values have changed over time, particularly with younger demographics. In this age bracket, money has supplanted former concerns, such as patriotism, religion and even having children. The report asserts this change in values corresponds with an unprecedented level of income inequality catalyzing a distrust of institutions, and a growing awareness of alternatives to fiat currencies.

According to former Coinbase chief technology officer Balaji Srinivasan, "2024 may be the first Bitcoin election." A view echoed by Ark Invest's Cathie Wood who tweeted in June, that Bitcoin, "will become an election-year issue."

Presidential candidate's Bitcoin policy

In light of 2024 being billed as the "Bitcoin election," the report listed the top presidential candidate’s views on the digital asset. Grayscale underlined the importance of the presidential office. "The president is responsible for appointing the heads of more than 50 independent federal commissions that can have influence over various aspects of crypto, including the SEC, CFTC, Federal Reserve and Treasury," it added.

Grayscale Investments, LLC

2024 American presidential political candidates’ positions on Bitcoin. Image Grayscale.

Candidates for the U.S presidency, such as Desantis, Ramaswamy, Suarez, and RFK Jr., have openly expressed their support for Bitcoin.

Desantis pledges to protect Bitcoin from regulation, Ramaswamy views it as a decentralizing force for the U.S. financial system, while Suarez aims to make Miami a Bitcoin hub and accepts his salary in Bitcoin. RFK Jr. sees Bitcoin as a significant innovation, accepts Bitcoin campaign donations, and has proposed eliminating capital gains tax on Bitcoin trading.

The report noted that "incumbents like Biden and Trump are more favorable towards exploring CBDCs."

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