South Africans see cryptocurrency as a core investment class
South Africans are increasingly treating cryptocurrency as a long-term investment rather than a speculative punt, Discovery revealed in its SpendTrend26 report published on Thursday.
“Increasingly, cryptocurrencies are being viewed as a core investment class alongside traditional assets such as stocks and property,” Discovery stated.
According to the study, which was conducted in partnership with Visa, people’s cryptocurrency activity had shifted toward smaller, more regular purchases.
The report said this behavioural change stood out more than simple adoption growth, suggesting digital assets were becoming part of mainstream portfolio construction.
Citing the South African Reserve Bank, Discovery said that by mid-2025, around 7.8 million South Africans, or roughly 13% of the population, were using major cryptocurrency platforms.
This indicated that crypto adoption had reached mainstream and reflected the growing role of digital assets in the country’s financial landscape.
Visa’s Consumer Digital Behaviour Survey also found broad awareness, with 70% of respondents in 2025 at least roughly familiar with cryptocurrency.
The survey found that 54% of customers owned or had owned crypto assets, while 25% of South Africans had bought cryptocurrency and 41% said they were likely to do so.
SpendTrend26 said mobile-first crypto platforms had lowered barriers to entry by simplifying onboarding and app-based trading, making it easier for first-time investors to open accounts and build exposure.
That ease of access appeared particularly important for younger consumers, for whom cryptocurrency often served as an entry point into investing and broader participation in financial markets.
However, the report suggested the stronger signal was not who was entering the market, but how existing users were changing the way they bought crypto.
VisaNet transaction data showed that card-based crypto purchases had moved away from large, irregular trades and toward a “little and often” pattern by 2025.
Transaction frequency rebounded strongly, reaching about 2.5 purchases per active card user by 2025, which pointed to steadier behaviour and repeated contributions rather than occasional speculative bets.
Middle-income consumers drove much of that increase, with transaction frequency rising 26% among mass market clients and 13% among mass affluent clients in 2024.
Discovery described its consumer segmentation as follows: High Net Worth (HNW) was the top 5% of clients, and the mass market was the bottom 50%.
The middle 45% comprised Everyday Affluent (EA), which accounted for 20% of clients, and the Mass Affluent (MA) segment, which was the next 25%.
Discovery found that higher-income segments also showed maturing usage patterns, as Everyday Affluent clients increased 15% and High Net Worth users recorded 12% growth into 2025.
Combined with smaller transaction sizes, that growth suggested more South Africans were adopting disciplined, portfolio-style investing habits and treating cryptocurrency as part of a longer-term strategy.
Discovery in partnership with Luno
Last year, Discovery Bank integrated cryptocurrency support directly into its mobile banking platform through a partnership with crypto platform Luno, marking a significant shift in South Africa.
Luno South Africa country manager Christo de Wit said at the time that the integration signalled crypto assets were moving from a niche market into the mainstream.
Discovery Bank CEO Hylton Kallner also said the feature reflected existing client demand, noting that, when it launched, one in ten South Africans already held crypto assets.
The partnership allowed Discovery clients to link bank accounts to Luno, buy and sell assets such as Bitcoin and Ethereum, and track balances in real time.
Clients could also transfer funds instantly without fees, trade more than 50 crypto assets, and earn Vitality Money Savings points on Luno wallet balances.
Luno said the partnership could eventually extend into investment products and broader ecosystem support within the Discovery Group.
“South Africans are increasingly moving from holding Bitcoin as an investment vehicle to using Bitcoin for day-to-day expenses,” De Wit told MyBroadband.
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