Renowned crypto billionaires Cameron and Tyler Winklevoss have issued a cautionary message to the Democratic Party, emphasizing the risk of losing crucial youth voters due to their perceived “war on crypto.” The twin brothers, who co-founded the Gemini cryptocurrency exchange, contend that the party’s anti-crypto stance, championed by figures like Senator Elizabeth Warren and SEC Chair Gary Gensler, may lead to significant electoral setbacks in the upcoming 2024 elections.
However, Winklevoss opined that this essential demographic, which could change the balance of power in future elections, is at risk due to the party’s approach to cryptocurrencies.In a series of tweets, Winklevoss asserted that Democrats are alienating Millennials and Generation Z—groups which, he says, have wholly embraced the emerging asset class.
“Crypto has already won the hearts and minds of Millennials and GenZ,” Winklevoss reiterated “They don’t debate the merits of crypto. They debate where and what to build next.”
Youth voters aged 18 to 29 form a crucial voting bloc for the Democrats. In the 2022 midterm elections, 63% of surveyed young voters supported the Democratic Party, compared to 35% for Republicans. Furthermore, this age group represents the largest demographic of crypto users and investors, with 28% of Americans aged 18 to 29 reporting some level of involvement with cryptocurrencies
Meanwhile, as the 2024 elections advances, the Democratic Party faces a delicate balancing act between addressing concerns surrounding cryptocurrencies and maintaining the support of youth voters. The Winklevoss twins’ warning serves as a reminder that a mistake in crypto policy could have far-reaching outcomes for electoral outcomes and the party’s future standing with the younger generation.