Bitcoin agora vale mais do que Visa e Mastercard combinados

A maior criptomoeda também venceu recentemente os três maiores bancos do mundo em capitalização de mercado, confirmam os dados.

O Bitcoin ( BTC ) fez mais do que US $ 60.000 por moeda na semana passada – também passou a valer mais do que os três maiores bancos do mundo juntos.

De acordo com dados disponíveis publicamente, a maior criptomoeda ultrapassou os três gigantes bancários globais de maior valor em capitalização de mercado.

A capitalização de mercado do Bitcoin ultrapassa os baluartes financeiros

Em seu recorde histórico de $ 61.700, a capitalização de mercado do Bitcoin foi de aproximadamente $ 1,15 trilhão. A capitalização de mercado combinada do JPMorgan Chase, do Bank of America e do Industrial and Commercial Bank of China é de US $ 1,08 trilhão.

As conquistas não param por aí: Visa e Mastercard, as maiores redes de pagamento, têm um valor de mercado combinado de US $ 871 bilhões, agora também significativamente menor do que o Bitcoin.

Desde então, o BTC / USD teve uma ligeira retração, reduzindo sua capitalização de mercado para US $ 1,03 trilhão, ainda detendo o título de ativos significativos de um trilhão de dólares.

Esse nível foi anteriormente apontado por analistas como uma provável zona de consolidação, algo que permanece o caso depois que a queda de segunda-feira levou o Bitcoin de volta para baixo de sua alta anterior, estabelecida no final de fevereiro.

Sua ascensão, outros notaram, é impressionante – o Bitcoin passou de zero a US $ 1 trilhão em valor de rede 3,6 vezes mais rápido que a Microsoft, por exemplo.

Quente nos saltos de ouro

Analisando os dados de capitalização de mercado, o recurso analítico on-chain Ecoinometrics acrescentou que no sábado, o Bitcoin equivalia a 45% do ouro mantido em veículos de investimento e 10% do mercado físico de ouro como um todo.

Para eclipsar o ouro inteiramente, algo que já é um tópico de debate entre os participantes do mercado, o BTC / USD precisaria ser negociado a $ 590.000.

Morocco’s central bank confirms exploration of digital currency

The central bank of Morocco is studying the creation of a digital dirham.

The institution has created a committee that will analyze the advantages and disadvantages of a digital currency.

Bank Al-Maghrib (BAM) , the central bank of Morocco, has confirmed the creation of a committee which will have the objective of studying the creation of a central bank digital currency (CBDC).

A digital currency in Morocco

The BAM committee will identify and analyze “the advantages as well as the risks of a CBDC for the national economy”. In addition, this committee will examine in depth all the consequences of a Bitcoin Evolution on monetary policy, the structure of banking intermediation, financial stability and the legal framework.

The committee will coordinate with the other authorities of the country the „measures to be taken“ concerning cryptocurrencies, according to their use at the national and international level.

BAM does not plan to issue a digital dirham immediately:

“In the current context, and given the various reforms undertaken by Bank Al-Maghrib for the promotion of electronic means of payment and reduction of liquidity , it would be premature to consider issuing a digital currency in the short term” .

At the same time, in the Bahamas, the Sand dollar is already in circulation, and China is about to make its seventh test with the digital yuan . The Chinese central bank is also participating in a cross-border multi-currency CBDC project that involves Hong Kong, Thailand and the United Arab Emirates.

The Bank for International Settlements (BIS) recently revealed that 60% of central banks are likely to issue a CBDC within the next six years.

Bitcoin marks new maximum as only 22% of its supply is available

The crypto world is not surprised to see Bitcoin conquer new highs, but what if I told you that only 22% of BTC is available?

Bitcoin (BTC) set a new record today as the available supply of crypto is reduced every day. Bitcoin will end the year at USD 30,000?
78% of Bitcoin is not liquid, crypto community notices shortage

Yesterday Glassnode published on Twitter that 78% of the circulating Crypto Comeback Pro is not liquid and therefore practically inaccessible.

Yes, only 22% of the supply of the leading crypto (4.2 million BTC) is available for purchase and sale.

Basically, the Glassnode report states that demand from large institutional investors is creating a significant crypt shortage, which is putting pressure on the price.

„If many bitcoins are illiquid, a supply-side crisis emerges, which has a weakening effect on BTC’s selling pressure in the market,“ says Glassnode, „Or to put it another way: a sustained increase in illiquid bitcoins is a potentially bullish signal.

In fact, the increase in Bitcoin prices over the last few months can be explained as an effect of scarcity and increased demand. And, interestingly enough, over the last 24 hours, the leading crypto has increased by 7.5% to reach another all-time high.

In addition, we must bear in mind that the crypto market knows for sure that supply will not increase. In this sense, Jacob Skaaning from the ARK36 crypto coverage fund explained, according to CNBC, that „the supply side of the bitcoin market will continue to be scarce“.

Therefore, economic theory suggests that a limited supply and an increase in demand will be able to maintain the upward pressures on the price of Bitcoin.

How far will it go? The crypto market doesn’t know for sure yet, but the stakes are high.

Weekly Analysis: How is Bitcoin whale activity in the last week of 2020?

The number of crypto addresses of Ethereum reaches a maximum

Today is a day of highs in the crypto market and that is that the number of addresses that maintain some amount of Ethereum continued to increase until reaching a new historical high.

To be more accurate, there are currently 51,491,730 addresses that maintain some amount of crypto, according to Glassnode data.

Interestingly, this indicator has increased steadily since January, accumulating significant growth. All thanks to the increase in institutional interest and, especially, to DeFi.

OKCoin is the last crypto exchange to turn its back on XRP

Bittrex joins the crypto list of those who remove XRP

Without a doubt XRP has faced some tough days after the SEC’s lawsuit against Ripple Labs was filed. In fact, the last one to turn its back on crypto was Bittrex after announcing that it would eliminate XRP from all markets as of January 15, 2021.

Therefore, the trading pairs that will be affected are BTC/XRP, ETH/XRP, USDT/XRP and USD/XRP.

Who will be the next to join, and what will happen to XRP?

Binance Smart Chain could beat Ethereum

Yesterday Changpeng Zhao, Binance’s CEO, informed through Twitter that Binance Smart Chain is on its way to surpass Ethereum.

Specifically, CZ pointed out that „BSC is slowly reaching 30-40% of ETH’s volume – low commissions matter!

So, although it is still a fraction of the size of Ethereum’s Blockchain, it is interesting how much progress it has made and how it threatens Ethereum’s dominance.

In a few lines…

Nathaniel Popper of The New York Times alleges that Coinbase engaged in wage discrimination.
The United States District Court for the Southern District of New York set February 22, 2021 as the date for the pretrial portion of the SEC’s lawsuit against Ripple Labs.
India proposes an 18% tax on transactions of the country’s leading crypto.

Vom Supply Squeeze zum Dollar Drop: Was wird den Preis von Bitcoin in dieser Woche bewegen?

Bitcoin zeigt weiterhin ultra-bullische Anzeichen, aber die Münze muss noch ihr Allzeithoch von 20.000 US-Dollar herausfordern, da sie im mittleren Bereich von 18.000 US-Dollar liegt.

Viele Fragen hängen herum über die nächsten kurzfristigen Bewegungen für die Münze; Wird es eine Korrektur geben, oder kann sie diese Woche irgendwann das Allzeithoch brechen?

Es gibt einige Faktoren, die im Bereich der Kryptowährung und extern bei der Geldpolitik zu berücksichtigen sind, wenn der nächste Schritt festgelegt wird. Die anhaltenden Auswirkungen der globalen Covid-19-Pandemie prägen nach wie vor die Märkte, und mit potenziellen Impfstoffen am Horizont treten wir in eine neue Phase dieser Krise ein.

Darüber hinaus wirkt sich die Pandemie nach wie vor auf die Reaktion der Märkte aus, und selbst US-Dollar sind betroffen. Es hat sich gezeigt, dass eine Stärkung oder Abschwächung des Dollars einen Einfluss darauf hat, wie sich BitQT bewegt.

Letztendlich scheint es eine wachsende Erzählung zu geben, dass das Angebot an Bitcoin versiegt und dies letztendlich bedeutet, dass es eine höhere Nachfrage gibt, die den Preis der Münze weiter treibt. Die Einführung allgemeinerer Möglichkeiten zum Kauf von Bitcoin wie PayPal, die in den Markt eintreten, hat auch das Angebot nach unten gedrückt.

Dollar runter

Die Entwicklung eines Impfstoffs gegen das Covid-19-Virus scheint einen ziemlich großen Einfluss auf die Märkte und sogar auf die Stärke des US-Dollars gehabt zu haben.

Da jetzt mehrere Kandidaten unter potenziellen Impfstoffen verfügbar sind, tendiert die Stimmung zu einer weltweiten Erholung, was bedeutet, dass der Dollar im Vergleich zu anderen Reisezielen weniger attraktiv wird.

„Die Impfstoffnachrichten befürworten die Aussicht auf eine eher früher als spätere Erholung der Weltwirtschaft, da der USD auf diesem Weg an Attraktivität für sichere Häfen verliert“, sagte Rodrigo Catril, Währungsstratege bei der National Australia Bank, gegenüber Bloomberg. „Dies ist ein risikopositiver, USD-negativer Hintergrund, insbesondere da die Fed wahrscheinlich noch einige Zeit ultra-zurückhaltend bleiben wird.“

Der US-Dollar-Währungsindex (DXY), der den USD gegenüber einem Korb mit zwanzig Handelspartnerwährungen angibt, ist seit August zweimal auf Tiefststände gefallen, wobei die monatlichen Verluste fast 2,2% betrugen. Wenn der Dollar fällt, wird der Preis von Bitcoin oft gestützt.
BTC-Nachfrage steigt

Es hat sich einige Male gezeigt, dass die Nachfrage nach Bitcoins durch die Menge aufgewogen wird, die durch den Bergbau selbst von einem oder zwei Anbietern produziert wird – insbesondere angesichts des Mainstream-By-In in letzter Zeit.

Grayscale, die Cash App von Square und PayPal, haben festgestellt, dass die Anforderungen an Bitcoin den Vorrat, der abgebaut wird, übersteigen.

Das Ergebnis ist, dass Bergleute sehen, dass ihre Blocksubventionen aufgebraucht sind, und die einzige Möglichkeit für die Käuferseite, die Lücke zu schließen, besteht darin, höhere Preise pro Münze zu zahlen.

„PayPal und Cash App kaufen bereits mehr als 100% aller neu ausgegebenen Bitcoins“, fasste die Investmentfirma Pantera Capital zusammen. „Woher würde Cash App ihre Münzen bekommen? Hier kommt der Teil mit endlicher Versorgung und Unelastizität ins Spiel: Zu einem höheren Preis. Das ist DIE Geschichte in Bitcoin im Moment. “

Un analyste de Bitcoin estime qu’une „toile de fond parfaite“

Un analyste de Bitcoin estime qu’une „toile de fond parfaite“ pour 100 000 dollars dans ce cycle haussier, 1 million de dollars d’ici 2035

Bitcoin peut dépasser son record de 20 000 dollars en quelques semaines, affirme Alex Saunders, alors qu’il ne faut qu’un an à l’Ether pour battre son propre record.

Le bitcoin (BTC) peut atteindre 100 000 dollars en cinq ans et 1 million de dollars d’ici 2035, a déclaré le PDG de Nugget’s News, Alex Saunders, au Cointelegraph.

Dans une interview avec Bitcoin Code l’analyste des marchés de Cointelegraph, Michaël van de Poppe, le 18 novembre, Saunders a décrit les conditions actuelles comme une „toile de fond parfaite“ pour de nouveaux sommets.

Saunders : 1 million de dollars de prix du bitcoin d’ici 2035

„Soit il va continuer comme maintenant dans les prochaines semaines et atteindre 20 000 dollars très rapidement, soit il va avoir sa petite fourchette maintenant et, espérons-le, être positif l’année prochaine“, a-t-il déclaré.

M. Saunders s’exprimait alors que la CTB/USD est sortie des récents sommets de 18 400 dollars pour se déplacer dans un large couloir, qui s’est concentré sur 17 700 dollars. Les gains ont été rapides, les performances hebdomadaires à elles seules rapportant jusqu’à 15 %.

Pour ce qui est de l’avenir, M. Saunders pense que les six ou sept chiffres de Bitcoin sont loin d’être suffisants, mais qu’une combinaison d’argent et d’adoption signifie qu’il n’y a plus d’issue.

„Je pense honnêtement que Bitcoin atteindra les 100 000 dollars dans les cinq prochaines années, et qu’ensuite il faudra se demander s’ils vont vraiment essayer de le fermer, ou comment ils vont le réglementer et le commercialiser“, a-t-il déclaré à M. Van de Poppe.

„Et si on lui permet de poursuivre sa mission et d’absorber tout l’argent du monde entier pour devenir une monnaie de réserve mondiale… Je pense que nous pouvons atteindre un million de dollars par pièce dans les 15 prochaines années, quelles qu’elles soient.

Les estimations semblent quelque peu prudentes par rapport à certaines prévisions de prix existantes, parmi lesquelles la populaire série basée sur le ratio stocks-flux, qui prévoit au moins 100 000 dollars d’ici l’année prochaine.

Les préoccupations de Saunders concernant la légalité en cas de hausse importante des prix font écho à celles du grand investisseur Ray Dalio, dont les commentaires sur Bitcoin lui ont valu une publicité importante cette semaine.

Le tour de l’éther pour des gains transformateurs ?

En ce qui concerne le plus gros éther d’altcoin (ETH), le pronostic est encore meilleur. Saunders considère qu’il est fort possible que les nouveaux sommets historiques de l’ETH/USD soient atteints dans un an – ou moins.
Performances de bitcoin et d’Ether YTD. Source : Marchés du cointélégraphe/Données sur les actifs numériques

Compte tenu des performances actuelles, cela nécessiterait près de 200 % de hausse par rapport aux 470 dollars de temps de presse.

L’éther, comme la plupart des altcoins, n’a pas réussi à copier les récentes avancées de Bitcoin, malgré le déploiement de l’Ethereum 2.0 tant attendu et de la feuille de route associée, qui va transformer le réseau.

Van de Poppe convient néanmoins que l’avenir est probablement brillant pour l’éther, le prochain passage de taureau ne s’arrêtant qu’à un ordre de grandeur au-dessus du pic du précédent.

„Le prochain cycle d’ATH pour l’ETH se situera probablement entre 10 000 et 20 000 dollars“, a-t-il déclaré mercredi à ses disciples sur Twitter.

A new asset class: How institutional investors legitimize Bitcoin

Bitcoin is maturing into a legitimate financial product that is finding its way into more and more traditional portfolios. Now hedge fund legend Ray Dalio is also expressing interest in BTC.

They are the really big ones

Paul Tudor Jones, Stanley Druckermiller and now even Ray Dalio is on the way. While the former have been stepping into the breach for BTC for some time, the latter is still struggling. Ray Dalio, an investor and hedge fund manager, is an advocate of a gold position in the portfolio and already subscribes to the narrative of inflation and rising debt, which Bitcoiners also feel connected to. Actually, it is believed, Dalio should have gone under the Bitcoiners long ago. So far, however, the billionaire is still struggling.

Crypto Trader review is simply too volatile for a currency. Who would want to store their wealth in money that can lose up to ten percent of its value a day, and the state would not tolerate a parallel currency under any circumstances. Should BTC actually become a threat to the state monopoly of money, it would simply ban Bitcoin.

In a tweet on November 17, the company sounded different and for the first time signaled openness to Bitcoin.

It is logical that Bitcoin Twitter insisted on making the desired corrections. Bitcoin is of course volatile – in contrast to gold, the crypto currency is still at the beginning of its monetization and is comparatively illiquid. Volatility, however, works both ways. Bitcoin was the dominant asset class that year. Bitcoin has been up 152 percent since the beginning of the year. A missed trade that Dalio should regret too.

Hedge fund manager Druckermiller is pro bitcoin

This is the notch that investor Stanley Druckermiller suggests. From 1981 to 2010, the economist was the manager of Duquesne Capital , one of the most successful hedge funds ever. Druckermiller achieved the sheer superhuman achievement of generating an average of 30 percent ROI per year for his investors. In 2010 he closed the fund.

The philanthropist admitted to CNBC that he was a Bitcoin fan and had even invested in the crypto currency.

Fundadores da Tech Giants Skype e Intercom, investindo em Bitcoin e criptomoeda

Os fundadores do Skype e da Intercom são os mais recentes empresários de alto nível a divulgar publicamente seu apoio ao Bitcoin.

Jaan Tallinn, co-fundador do aplicativo de telecomunicações Skype, disse à Fortune em uma nova entrevista que ele na verdade mantém a maior parte de sua riqueza pessoal em criptomoedas.

No início deste ano, Tallinn doou cerca de US $ 316.000 em Bitcoin Trader para uma empresa de inteligência artificial com sede no Reino Unido, para financiar um programa focado nos riscos da IA. Em 2018, ele doou cerca de $ 434.000 em Ethereum para o mesmo fim.

Eoghan McCabe, o cofundador e presidente da empresa de mensagens ao cliente Intercom, diz no Twitter que também apóia o Bitcoin

“Gostaria de anunciar que, depois de anos de experiência, pulei com firmeza no vagão do Bitcoin e agora gostaria que todos fizessem o mesmo.”

McCabe incentiva as pessoas a „hodl“ BTC e diz que o recente envolvimento institucional o convenceu de que o ativo „estava se tornando popular“.

McCabe, no entanto, observa que sua empresa ainda não adotará o ativo digital

„Infelizmente. as leis da física das grandes empresas afirmam que há anos entre o momento em que um fundador pensa que algo é uma boa ideia e sua empresa age de acordo com essa ideia. Mas também acho que o Bitcoin ainda não é adequado para nós. ”

Il World Economic Forum definisce la blockchain la chiave per la finanza digitale sostenibile

Un nuovo rapporto del WEF pubblicizza la tecnologia blockchain come pietra angolare della sostenibilità ambientale.

Il World Economic Forum, o WEF, ritiene che la blockchain rappresenti un elemento centrale della finanza digitale sostenibile, un nuovo paradigma che combina la tecnologia emergente con modelli di business rispettosi dell’ambiente.

In un nuovo rapporto pubblicato mercoledì, Karin Oertli, dirigente di Crypto Engine, elenca la tecnologia blockchain insieme all’intelligenza artificiale, alle piattaforme mobili e all’Internet of Things come i capisaldi della finanza digitale. Queste tecnologie, se combinate con quadri ambientali, sociali e di governance, potrebbero aiutare i governi e le aziende a raggiungere i loro elevati obiettivi di sviluppo sostenibile.

Oertli scrive:

„Riteniamo che la finanza digitale sostenibile svolgerà un ruolo essenziale nell’incanalare in modo efficiente questo capitale per alimentare l’innovazione, la crescita e la creazione di posti di lavoro, sostenendo allo stesso tempo la transizione verso un’economia sostenibile a basse emissioni di carbonio“.

I commenti di Oertli sono coerenti con la ricerca precedente dell’Organizzazione per la cooperazione e lo sviluppo economico, che pubblicizzava la blockchain come un „abilitatore digitale per la finanza sostenibile“ e la riduzione del carbonio.

L’OCSE ha affermato:

„Le proprietà fondamentali della blockchain e di altre DLT possono consentire una più profonda integrazione tecnologica, standardizzazione e la possibilità di nuovi modelli di business“.
Sebbene le emissioni annuali di anidride carbonica continuino a crescere su scala globale, le nazioni occidentali sembrano aver ridotto le loro impronte di carbonio rispetto ai livelli massimi. Le emissioni di CO2 in Europa sono aumentate all’inizio degli anni ’90 prima di diminuire nel decennio successivo. Gli Stati Uniti hanno visto il loro picco nel 2007, subito prima della crisi finanziaria globale.

Bitcoin-prisforutsigelse: BTC / USD øker til $ 11,400 høy, gjenopptar oppadgående momentum

Bitcoin (BTC) Prediksjon – 10. oktober 2020
BTC / USD kom tilbake over $ 10 800-støtten for å bryte motstanden på $ 11 000. Drivkraften utvidet seg for å bryte motstandsnivået på $ 11,100 til $ 11,300 når prisen når en høyde på $ 11,500. I mellomtiden har BTC gått tilbake til $ 11,342 i skrivende stund.

Motstandsnivåer: $ 10 000, $ 11 000, $ 12 000
Støttenivåer: $ 7.000, $ 6.000, $ 5.000

Bitcoin-okser har gjort imponerende trekk da pris bryter motstandsnivået. Poenget er at den nylige opptrenden må opprettholdes over $ 11,300 for å fortsette oppadgående momentum. Oppsvinget vil nå gjenopptas ettersom $ 11,100 til 11,300 kritiske støttenivåer er fjernet. I mellomtiden, når prisen nærmer seg motstanden på $ 11.500, signaliserer den stokastiske indikatoren at prisen når den overkjøpte regionen. I den overkjøpte regionen kan selgere dukke opp for å presse prisene ned. BTC-prisen vil sannsynligvis gjenoppta opptrenden etter retracement. Den nåværende oppadgående bevegelsen vil sannsynligvis møte motstand på $ 11.500 og $ 11.800 før den møter overheadmotstanden på $ 12.000.

Presidentvalget i USA kan påvirke BTC-prisen

Presidentvalget i USA avholdes i november da to kryptohandlere delte sine spådommer på Twitter om hvordan Bitcoin-prisen vil reagere. I henhold til Coin telegrafnyhetene indikerer tweeten som følger: „Hvis vi har en klar vinner og en enkel overgang av makt, ser jeg ikke mye av en innvirkning på prisen per mynt,“ sa handelsmann „BigCheds“ til Coin telegraph. „På den annen side, hvis vi har et tett og / eller omstridt valg, bør vi se en sprett i risikofrie eiendeler som gull og Bitcoin.“

En annen Twitter-handelsmann sa det slik: „Dette valgåret er absolutt annerledes med tanke på det vi har sett tidligere på grunn av pandemien og den globale økonomien som tar en toll,“ sa Twitter-handelsmann „CryptoWendyO“ til Coin telegraph. „Med en hendelse som COVID, vil man anta at Bitcoin vil pumpe på grunn av usikkerhet på det finansielle markedet, men vi ser det ikke,“ sa hun. I mellomtiden har den amerikanske regjeringen forsinket stimulanspengene de lover på grunn av COVID-19 som kommer etter valget. De vanlige markedene og kryptomarkedene reagerte begge på nyheten om at presidenten har nektet godkjenning. Dette vil i virkeligheten påvirke Bitcoins pris hvis den blir godkjent.

Fra prisaksjonen vil Bitcoin sannsynligvis prøve på nytt motstanden på $ 12.000 når markedet gjenopptas oppover. 19. september oppadgående trend; BTC ble motstått på $ 11,185 høy. Det tilbaketrukne røde lyset testet 38,2% Fibonacci retracement nivå. Det indikerer at markedet vil stige og nå nivået på 2,618 Fibonacci-utvidelse. Med andre ord vil mynten nå en høyde på $ 13 235.

Isle of Man Says Bitcoin, Ethereum, Are Not Securities

The Isle of Man has published a document defining cryptocurrency.

Crypto assets can be electronic money, securities, or unregulated

Ether and Bitcoin do not appear to be securities under this scheme, although they are not mentioned in the document by name.

The Trust Project is an international consortium of news organizations based on transparency standards.

The Isle of Man, an autonomous dependency of the British Crown, has released a document explaining how it will define cryptocurrencies like Bitcoin.

Specifically, the country’s Financial Services Authority (FSA) classifies cryptocurrencies based on their function. Sandwiched between the UK and Ireland, the Isle of Man is a self-governing British island with a parliament and financial overseer.

On October 14, 2020, the FSA announced a document intended to guide businesses interacting with cryptocurrency.

The document appears to be crypto friendly, providing a framework for entrepreneurs to work with crypto assets.

The authorities created the guidelines in a collaborative effort. The Digital Isle of Man, an executive agency concerned with technology on the island, partnered with the FSA to create the document. This was to ensure that the document remained “technologically neutral”.

The bottom line is that different crypto assets would be legally defined by what they do, rather than how they are created:

The guide is intended for those who plan to sell, issue, manage or administer crypto assets / tokens (in this “tokens” guide), and illustrates some token related activities, undertaken using distributed ledger technology („DLT“), may have regulatory implications.

Bitcoin and categorical imperatives

Fortunately, the financial authority has presented the different categories of tokens in a handy table:

Basically, tokens can be classified as investments, electronic money, or unregulated. The categorization is mainly based on the function of the token. The FSA document further breaks down the groups.

Security tokens are therefore those that function like stocks, bonds, units of a collective investment or derivatives. Under this system, bitcoins (electronic money or store of value) and ethers (money for a virtual machine) do not appear to be securities.

However, investments that function like securities or electronic money will be regulated by the FSA. However, a license may not be required. Securities that offer some form of capital growth, in other words, investments, require a license.