Tuesday, January 12, 2021

Riches to the rich

 At the beginning of the year one bitcoin was worth £5,614 before almost reaching £30,000 at the end of last week. Anyone who bought cryptoassets at the beginning of the year was sitting potentially on a 400% gain, an extraordinary return in a year.

Shares in London are back to where they were in late February last year. 

House prices in 2020 rose by 6%, helped by the chancellor’s temporary stamp duty holiday. 

 The Bank of England has infused the financial system with cash meant to be loaned to chase a positive rate of return but investors prefer to make outlandish short-term capital gains rather than income from productive investment.

Such policies have substantially increasing the net worth of the top 10% richest people who control half of Britain’s assets, such as shares and property. 

 The Guardian view on Covid's widening gaps: the rich are getting richer | Coronavirus | The Guardian

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