Bubbles are usually associated with large sums of outstanding debt. Which makes it difficult to know where the "crypto is a bubble" claims are stemming from.
In my view, China is indeed a country that really applies the concept of chain finance. Why do I say that term because they give debt to many countries in order to save their country which is also full of debt. Don't think China is a rich country when it's too big in debt. What are their motives for giving debt to other countries while their country also has to pay their debts? They have planned a systemic risk chain that binds many countries. Let alone the market, the global economy can also be dragged down by cases in their countries. I'm not overthinking it but it's a fact. Conditions when they experience difficulties then they will withdraw the country that owes it. When many countries are in trouble, the world bank or IMF cannot do anything.