7.8M South Africans Treat Crypto as Mainstream Asset

Discovery Bank and Visa’s Spendtrend26 report, combined with Visanet transaction data, finds that by mid-2025 about 7.8 million South Africans-roughly 13% of the population-treated cryptocurrency as a mainstream asset. The report records a 26% rise in trading activity among middle-income consumers in 2024.

The survey element of the report shows that 70% of South Africans say they are familiar with digital assets and that more than half currently own or have previously held cryptocurrency. The authors identify mobile-first platforms and app-based trading as factors that made onboarding simpler and lowered barriers for new investors. The report estimates about one in eight South Africans are active on major cryptocurrency platforms.

Transaction data indicate a shift from large, sporadic trades to smaller, more frequent purchases. Average transaction frequency recovered to about 2.5 transactions per active card user by 2025. Visanet data show transaction frequency among mass-market clients increased 26% in 2024, while the mass-affluent and everyday-affluent segments recorded double-digit growth. The high-net-worth segment recorded 12% growth heading into 2025.

The report states, “Increasingly, cryptocurrencies are being viewed as a core investment class alongside traditional assets such as stocks and property.” It also finds that 41% of respondents said they are likely to acquire cryptocurrency in the future.

The report maps adoption and trading patterns using consumer survey results together with Visanet transaction data covering activity through 2024 and into mid-2025.

The document notes proposed National Treasury regulations for 2026 could require residents to declare or sell digital asset holdings, a change that could affect future ownership and reporting practices.

The report includes background on how app-based trading and simpler onboarding have lowered costs and complexity, and it documents broader participation across age and income groups.