While crypto evangelists push for rapid adoption, experts argue that the slow growth of cryptocurrency payments could be a sign of a healthier, more stable financial future. A discussion at the Hermanus FynArts Festival sheds light on the issue.
Cautious Optimism Surrounds the Pace of Crypto Payment Adoption
At this month’s Hermanus FynArts Festival, discussions around the evolution of digital currencies sparked both interest and fatigue among attendees. During a morning talk hosted by Daily Maverick, Business Maverick editor Neesa Moodley and journalist Lindsey Schutters took to the stage to debate the future of money—including the slow, measured growth of cryptocurrency payments.
The audience’s mixed reaction underscored a key theme: while digital currencies like bitcoin and platforms like Binance are surging among young users, broader societal engagement remains limited—and perhaps, that’s for the best.
Crypto Conversations Still Niche in Broader Society
A humorous but telling moment occurred during the panel discussion when a pensioner in the crowd visibly nodded off as the topic of bitcoin’s role in investment portfolios was introduced. As the talk was momentarily overtaken by a highly informed cryptocurrency enthusiast, it became clear that not everyone in the room felt equally invested in the future of digital assets.
“If she were paying for her weekly Pick n Pay groceries with crypto, she would have been more engaged,” said Schutters, highlighting the gap between crypto awareness and practical adoption in everyday life. Yet, the inconvenience associated with current crypto payment systems—such as scanning QR codes and managing third-party apps—continues to deter widespread use among older generations.
Gen Z Drives Adoption, but at a Measured Pace
Africa’s youthful demographic remains the core of the crypto movement. According to Binance, 54% of its user base in Africa comprises Generation Z—those born between the mid-1990s and early 2010s. While this figure reflects the continent’s overall youth population, Schutters noted it still felt unexpectedly low, especially when juxtaposed with Binance’s 107.6% global growth in Gen Z users since January 2023.
These statistics reflect both promise and prudence. While the surge indicates growing interest, the moderated pace of transactional adoption suggests a more cautious and potentially sustainable path forward. This temperance could help avoid the pitfalls of speculative frenzy, as seen in previous crypto booms and busts.
The Virtue of Caution in a Volatile Sector
The festival discussion ultimately reinforced the idea that slower growth in crypto payments might not be a sign of failure, but of maturity. A deliberate rollout allows for regulatory frameworks, infrastructure, and consumer habits to evolve in tandem.
As Moodley and Schutters concluded, the pace of progress may be more beneficial than many enthusiasts care to admit. Whether at a grocery store till or a financial roundtable, cryptocurrency’s path to mainstream acceptance must balance innovation with accessibility—especially for those still dozing through its rise.
