After an interesting week with lots of major changes going on, Eric Sprott feels optimistic. "Last week's report was stunningly positive for the future of silver and gold," he says, making it easy to imagine "a period time when the prices keep rising."
At the same time, Bitcoin suffered a dramatic loss following CME's launch of Bitcoin Futures Trading - a reversal of fortune that doesn't surprise Eric in the least.
All of these things are just in huge declines today…I've never really been a believer in Bitcoin, that it stood for anything other than: I can understand people not wanting fiat currencies. I can understand people not wanting to deal with banks. I can understand people trying to hide things from the government. But look at the appreciation that happened. And you gotta wonder, it's a 'greater fool' thing, right? Somebody has to buy this thing from you. And if that other person stops buying it, it's over. There's a lot of people suggesting this could go down to a very, very, very low level, and bringing it back, one of the things that will happen, people will realize that gold and silver are real things - when you buy them, you have a coin. You have something tangible that's not about to disappear. So I think that could be the real benefit from the demise of cryptocurrencies, if you will. I'm not wishing their demise, but I'm not a participant in the cryptocurrencies.
It's a serious correction that looks like a bear market to Eric, and he hopes someone who wants to avoid fiat currencies and government interference looks at markets closer to his hear. "If any of this money could come into the silver market - wow! Could it ever be dramatic."