According to the International Monetary Fund (IMF), China needs to control its corporate debt before the situation becomes unmanageable. Does bitcoin hold the answer?
A report from the IMF has found that at $25 trillion, China’s debt accounts for 254 percent of GDP. As a consequence, startups and businesses could soon turn their attention to the growing popularity of bitcoin.
Of course, China isn’t the only country that is experiencing a high percentage of GDP.CNN reports that the U.S. also has a similar percentage, but what sets China apart is the rate at which it has been growing. A report from McKinsey has found that it quadrupled between 2007 and 2014.