I will hold a short position towards Bitcoin at the current price of USD 38,000.

Here are my reasons:

a) It has fallen by 40% since its peak of $63,000.
b) Corporations will not buy Bitcoin due to its volatile nature
c) Bitcoin does not have a fundamental purpose, apart from being a speculative bubble.
d) It is cumbersome and costly to transact in Bitcoin.
e) China has banned the use of Bitcoin. Other governments will follow.

I expect bitcoin to fall below $30,000 in the near future and eventually become worthless.

I also believe that other cryptos will fall in value and become worthless. They do not have any useful purpose.

Note - this is a personal view. I am not giving financial advice.

Tan Kin Lian