Chinas economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?
Most of those debts are denominated in yuan or dollars, and they would need to earn yuan or dollars to pay them off. Most Chinese have no way of earning bitcoin in order to convert it to yuan or dollars to pay their debts off.