As an e-payments specialist, I’ve seen how markets have been truly transformed by the rise of cryptocurrencies. You’ve likely heard of some of the most widely used cryptocurrencies, such as Bitcoin, Ethereum, Ripple and maybe even the dog-lover’s choice, Dogecoin. Whether it’s revolutionising the way we invest or pay for our weekly shop, crypto is completely changing the game.
However, the world of crypto certainly doesn’t run smoothly, and this twisting tale is also one of high volatility and fluctuation. Dive into the world of crypto whales and memecoins with me to examine the rise of cryptocurrencies and whether it’s set to continue.
Investing in cryptocurrency
The rise of cryptocurrency has presented a new way to invest our money. At the start of 2022, there were some 300 million people worldwide who owned cryptocurrency. It’s an especially popular form of investment with those under the age of 25 and the social media savvy among us. A study by the University of Georgia found that while half of social media users have invested in cryptocurrencies, the number falls to 10% for non-users.
Why is investing in cryptocurrency so popular?
The greater accessibility of cryptocurrencies is often mentioned as one of the main reasons they’ve become so popular. While traditional stocks and exchanges are jammed with overwhelming jargon and complicated systems, anyone with phone access can invest in crypto. This makes it accessible to those who have been left behind by traditional financial systems, and prises it out of the suffocating grip of Western control.
It’s also easier to get your money out of crypto investments. Using a stocks and shares portfolio, I’d have to go to a third party, like a financial adviser, to retrieve my money. In contrast, with crypto, it takes only a few clicks to transfer the money to my account.
The influence of famous figures
We can’t overlook the influence of celebrities and influencers on the growth of cryptocurrency. One of the most notable examples is the President of the United States, Donald Trump. He’s long been a vocal advocate for cryptocurrency, and that has been reflected in his policy changes since he took office on 20th January 2025. He’s even been promoting his own coin, $TRUMP.
Many crypto owners point to the influence of famous figures when asked why they invested. 23% of crypto owners in Australia said that ‘an influencer on social media’ got them into crypto. It’s not just famous figures, though, with 55% saying they invested on the recommendation of a friend or family member. When they saw crypto doing well for others, these investors were more likely to back the currencies with their own money.
A transparent way to pay
Transparency is another reason why crypto has become one of the go-to investments. You might have heard the term ‘blockchain’ or ‘blockchain technology’ thrown around – but what does that actually mean? Blockchain refers to the ledger that is used to register cryptocurrency transactions. All the transactions associated with a cryptocurrency are publicly recorded on this virtual ledger, so everyone can view and check them.
What are the benefits of blockchain technology, I hear you ask? Well, if everyone can see the transactions, it lowers the risk of fraud, market manipulation or human error. It also removes the element of mystery around investments, so users know exactly what is happening to the currency – and when.
High-level security
Cryptocurrency is, without a doubt, one of the most secure ways to store money. That’s because it can only be accessed through a unique key – a string of random and unguessable characters. Without this key, nobody can access the crypto funds, keeping them safe and secure. That even includes the investor, if they lose or forget their key!
Paving the way for payments
The impact of cryptocurrencies has not been limited to finance. I’ve also seen them completely change online markets from retail to online casinos. Many businesses across South Africa now offer some of the most popular forms of cryptocurrency as a payment option. Whether you’re looking to buy new clothes, order dinner or even buy a Vespa, you can pay using crypto.
Crypto casinos
One of the industries where crypto has had a big impact (and one of my areas of expertise!) is crypto casinos. Online gambling as an industry is often quick to adopt new technology, whether that’s virtual reality, artificial intelligence or cryptocurrencies. That’s why it’s not uncommon to see cryptocurrencies offered as a payment method at online casinos.
For players, there are a few reasons why cryptocurrencies are a popular payment option. They attract lower fees than other payment methods, with users often having to pay only the minimal blockchain charge. Payments are also much faster, usually reaching accounts within a few hours. As a decentralised currency, it’s also much easier to make payments around the world, as there are no exchange rates.
Could there be an end to crypto’s rise?
Crypto is one of the most unpredictable or (as it’s referred to technically) volatile currencies out there. That’s because rather than being controlled by a central institution like a national bank, crypto is decentralised. While you’ll often hear this discussed as a positive, I’m here to tell you that it also has its downsides.
Just to give you a picture of how volatile crypto can be, at the start of 2023, a single Bitcoin was worth $16,000, one of the lowest prices since its inception back in 2009. In July 2025, it was worth an all-time high of $123,000. That’s one of the most staggering climbs I’ve ever seen. Then, at the end of the very same month, it plummeted by 10% after a sudden sell-off wiped $300 billion from the crypto market.
Why is crypto so volatile?
When a central institution is in control of a currency, it manages price fluctuations, going some way to stabilising its value. With a decentralised cryptocurrency like crypto, there’s no institution to offset changes in value. That means that crypto is highly volatile and often experiences sharp fluctuations in value.
It also means that crypto is highly dependent on public perception. If there’s a lot of chatter around big names in the market – called crypto whales – offloading their shares, it can cause panic and mass offloading, whereas the inverse can cause panic buying.
A future of changing regulations
While trading crypto is perfectly legal in South Africa, the currency isn’t recognised as legal tender. That means you won’t be able to pay your Wi-Fi bills using crypto, for example. Despite this, the country is one of the top crypto markets outside of the USA, worth $373.5 million in 2025, with 5.8 million South Africans owning a share.
Those who manage the sale of crypto in the country are called Crypto Asset Service Providers (CASPs). They’re required to own a CASP licence and follow regulations around anti-money laundering. Traders also have to provide a lot more information than in other countries, including name, date of birth, address and ID number. It’s also illegal to trade with non-residents or export capital – rules that have long been under scrutiny for their restrictive impacts.
What could change?
In May 2025, a Gauteng high court ruled that the exchange control regulations don’t apply to cryptocurrency. The ruling has left the currency in a state of limbo, with both providers and traders unsure which regulations apply to them. Although the ruling has been suspended following an appeal, the laws remain more confusing than ever.
However, there is hope! Given the strong performance of crypto globally, I believe we’ll see further regulation changes here in South Africa. It’s likely regulators will adopt a more progressive stance towards virtual currency. One of the most promising proposed changes is making crypto legal tender. I think we could be only months or a few years off seeing this particular change.
Will we see crypto in more online markets?
At present, cryptocurrency is at an all-time high, thanks to positive public perception and supportive legislation from the USA. But the very recent $300 billion sell-off should be raising alarm bells. It’s a similar pattern to crypto behaviour that we’ve seen before sizable crashes, and other experts are also predicting there could be another on the horizon.
Volatility is a natural part of crypto. With no central institution to support the currency and frequent regulation changes, it’s not uncommon to see drastic fluctuations in market value. That’s one of the reasons why crypto hasn’t been adopted by all online markets. However, in South Africa, if cryptocurrencies are reclassified as legal tender, I can easily see it being adopted by more online operators. We’ll all be keeping an eye out in the upcoming months to monitor crypto performance and what that could mean for online markets.
Melissa Kruger specialises in casino payments and is an expert in all things to do with e-payments. She shares her knowledge from her decade of industry experience and her bachelor’s degree in financial management from the University of Johannesburg with readers around the globe. Whether you’re looking to learn about crypto or anti-money laundering practices, Melissa is your go-to.
Image Courtesy: Unsplash
