It might not be a major reason , doesn't mean it should be ruled out. Unemployment doesn't necessarily mean No job, it can be a situation where one performs a job he or she is overqualified for. The need to earn more as a side hustle brings about investment, which in turn Bitcoin.
If a country has high population like Nigeria and the government give a favorable environment for bitcoin and other crypto adoption, many Nigerians will be involved in crypto adoption generally. You can see how many people can invest in ponzi schemes, even in developed countries which has nothing to do with employment. Ponzi scheme is not good but I just used it as an example. Anywhere there is money and people see that if they invest, they will make money, people will invest in such a thing. That is bitcoin and some other cryptocurrencies for you. As long as Nigerians heard about something like that, many people among them are involved is something like that already which has nothing to do with employment or unemployment.
As for trading, I wish there are many traders among us up to 5000 people and let us do a survey about people that are making it from crypto trading, you will be disappointed with the result.
In countries like United States, you can not compare them with Nigeria if the nominal value of the money they have in cryptocurrencies is compared with Nigeria, they have many ways they earn from cryptocurrencies, some people among them launch new coins and tokens, they have employments pertaining to cryptocurrencies et cetera. Is that related to unemployment?
As long as people see job and opportunity in something, employment or not, they are going there.
Nigerians are numerous. In a numerous nation, you know how this can be.Wait Bitcoin and naira pair dey exist? Me be nor know oo.
It is existing on exchanges like Binance, but on all other exchanges that I have used, I saw nothing like that, unless you go for their CexP2P.
Of a truth the rise in cryptocurrency adoption is someworth associated with the fact that people are looking for other alternative means of survival. Bitcoin as seen as an investment could be taken as a such alternative means because one can trade on it on daily basis to generate revenue or profit for themselves and in other words, they can buy and hold for a very long term so as to rake in profit when the price goes up as it meets their profit target.
In countries that have high employment rate, trading is common there as well.
In 2022, South Africa, Djibouti, West Bank and Gaza, Eswatini and Republic of Congo top the lists of countries with highest unemployment rate, non of the countries are found on this top
lists of crypto adoption index of 2023.
Is umemployment the reason crypto is well adopted in United States, Vietnam, Ukraine and China?
The reasons I see more for the adoption are devaluation of naira and crypto means of investment. There are developed countries with high employment rate that well adopted cryptocurrencies.