• Discovery Bank and Visa report that 7.8 million South Africans now treat crypto as a mainstream asset class.
• Middle-income trading grew 26% in 2024, shifting the industry from speculation to disciplined investing.
• National Treasury’s 2026 regulations may soon require residents to declare or sell digital asset holdings.

The landscape of digital finance in South Africa has reached a significant turning point, moving away from the volatile speculation of the past toward a more measured, institutionalized approach. According to the latest Spendtrend26 report by Discovery Bank and Visa, cryptocurrency has officially transitioned from a niche tech interest into a mainstream investment class, with one in every eight South Africans now participating in the ecosystem.

By mid-2025, approximately 7.8 million South Africans—roughly 13% of the population—were actively using major cryptocurrency platforms. This surge in adoption is underpinned by a high level of public awareness; 70% of the population expressed familiarity with digital assets, and over half of all consumers reported that they currently own or have previously held crypto.

This mainstreaming effect is largely driven by the rise of mobile-first platforms, which have lowered barriers to entry through simplified onboarding and user-friendly, app-based trading. For many younger consumers, these digital assets now serve as their primary entry point into the broader world of financial investment.

“Increasingly, cryptocurrencies are being viewed as a core investment class alongside traditional assets such as stocks and property,” the report states.

Perhaps the most striking finding in the report is the evolution of investor behavior. Visanet transaction data shows that South Africans are increasingly abandoning large, irregular trades in favor of a “little and often” strategy. This shift suggests a move toward disciplined, portfolio-style investing where crypto is treated similarly to traditional assets such as stocks or property.

Transaction frequency has rebounded strongly, reaching an average of 2.5 transactions per active card user by 2025. This pattern of smaller, more frequent purchases indicates that consumers are integrating digital assets into their long-term financial planning rather than chasing short-term market spikes.

The growth is particularly pronounced among middle-income and mass-market consumers. In 2024, transaction frequency among mass-market clients jumped by 26%, while the mass-affluent and everyday-affluent segments also showed double-digit increases. Even the high-net-worth segment maintained steady engagement, with 12% growth heading into 2025.

This broad-based participation suggests that the “ crypto reset” of previous years has paved the way for a more stable resurgence. With 41% of South Africans stating they are likely to acquire cryptocurrency in the future, the data points to a financial future where digital assets are no longer an outlier but a fundamental component of the national economy.

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