(Bloomberg) -- The basis that bitcoin is overvalued has been going on for 18 months says Frank Holmes, CEO and CIO of US Global Investors. He added that increases in value should be viewed geometrically according to Metcalfe’s law. He told Bloomberg Daybreak Europe’s Caroline Hepker and Guy Johnson that currently ten million coins are in circulation with 50,000 new users signing up every day. If more regulatory constraints are imposed on blockchain this will equate to further increases in dark pools of capital.

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