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.