Wednesday, March 7, 2021

In 2010, the first economic transaction of bitcoin took place. A man bought two Papa Johns pizzas, valued at $25, in exchange for 10,000 bitcoins.

Today, a single bitcoin is worth nearly $60,000, and valued at todays price, those two pizzas effectively cost hundreds of millions of dollars.

Cryptocurrency is essentially digital money. Unlike the U.S. dollar, it is decentralized and uses an online ledger called blockchain.

Now, the surge in value has ramifications beyond the tech community, as PayPal is now allowing users to pay online with cryptocurrencies and Elon Musks company, Tesla, said it would start accepting bitcoin as payment.

But bitcoin is also notorious for being used in illegal transactions, such as buying and selling drugs online.

What is the future of currencies designed to circumvent the traditional banking infrastructure? And is it just a matter of time before the U.S. dollar is a relic of a bygone era?

GUESTS

Anna Irrera, chief financial technology correspondent at Reuters

Peter Van Valkenburgh, director of research at Coin Center

Carol Goforth, professor of law at the University of Arkansas at Fayetteville, specialist in cryptocurrency regulation

Excerpt from:
Cryptocurrency's Slow March Toward The Mainstream - WFAE

The Daily Beast

David L. Ryan/GettyA new book on the Sackler familythe secretive billionaires who kept America in steady supply of OxyContincontains private emails that show the heirs complaining about how hard their lives were as they tried to downplay and shift blame for the deadly opioid crisis that left nearly half a million Americans dead.The messages, along with other revelations in Empire of Pain by Patrick Radden Keefe, shed light on how the Sacklers saw themselves not as beneficiaries of a company that invented, aggressively marketed, and profited from a dangerous drug, but as victims of a smear campaign. They also lay bare the internal tensions behind the familys public profile.In a 2017 email, Mortimer Sackler, son and namesake of one of the three brothers who co-founded Purdue Pharma, requested a $10 million loanand a possible additional $10 million...MAXfrom the family trust to fund his lavish lifestyle, with instructions to keep the cash infusion secret from his relatives.Start off with saying I am not happy, he wrote to a psychiatrist and leadership confidant named Kerry Sulkowicz. I am falling significantly behind financially.The heir was prepared to sell off artworks, jewelry, stock positions, but it would not be enough to get him into the black. I have been working for years on Purdue at what I consider to be a considerably discounted value relative to what MY TIME IS WORTH, Mortimer wrote. I am LOSING money by working in the pharma business.As for the secrecy, he conceded, the money could be reported in the trust accounts as loan/cash flow assistance to family members but not be specific... I dont want to hear my siblings opinion on this and I dont need more stress for this. I need to have this resolved... This needs to happen, the only question is how much DRAMA will be needed for this to happen.Historically, he added, his father, Mortimer Sr., who died in 2010, had been more than willing to help me.Feelings of aggrieved entitlement were not exclusive to Mortimer. When David Sackler, grandson of co-founder Raymond, got married, the book reveals, he wanted to buy a bigger apartment, but was snubbed by his father and boss, Richardthe man who oversaw and pushed the development of OxyContin more than anyone.On June 12, 2015, David wrote an email to his parents to voice some thoughts. He griped that as Richards assistant, he had worked hard to manage the family fortune and make the family richer. He was Richards right hand for everythinga grueling job because beyond pushing myself to excel, I work for a boss (Dad) with little understanding of what I do.All told, he wrote, it was quite literally the hardest job in the world. The Sackler familys Purdue Pharma invented and aggressively pushed OxyContin, the pain pill that sparked the opioid crisis. Erik McGregor/Getty The Sacklers have always publicly denied any wrongdoing related to the opioid crisis, but other emails show the private lengths they went to in order to downplay their own role in the disaster. In one correspondence, Mortimer insisted prescription opioids had little to do with addiction, casting doubt on whether a crisis even existed.In a Feb. 17, 2019, email, Mortimer ranted to family that prescription opioids are NOT the CAUSE of drug abuse, addiction, or the so called opioid crisis,setting off the phrase in scare quotes throughout the message to underscore his skepticism. I also dont think we should use the term opioid crisis or even opioid addiction crisis in our messaging, he added, favoring the terms drug abuse and addiction.The same day, Mortimers cousin, Jonathan, who died from cancer in July, suggested the familys predicament resembled that of the millions imprisoned in Americas bloated carceral system.In a message to two high-profile lawyers and a publicist, Jonathan fingered the tort bar, which he believed had framed pharmaceuticals as the bad guyjust the latest in a series of injustices the judicial system had wrought upon innocents. The billionaire scion compared his familys plightthe legal consequences of peddling faulty science to convince physicians to prescribe their medication in monumental quantities for long-term useto mass incarceration.The problem, Jonathan wrote, wasnt the family or its myriad businesses, or anything either had done, but how the narrative had been framed. The media is eager to distort and portray anything we say or do as grotesque and evil, he griped. To that end, it makes sense that almost none of the Sacklers agreed to comment for and instead militantly fought the publication of Keefes book, which tells the familys story from the birth of patriarch Arthur Sackler in 1913; to the founding of the original company, Purdue Frederick, with his two brothers in 1952; up until the Congressional hearing on its subsidiary Purdue Pharmas role in the opioid crisis at the end of 2020.In Empire of Pain, Keefe paints the picture of a family rife with contradictionsa dynasty that carefully distanced themselves from their company (named, not for the founders, but for its initial office building), while internally micro-managing its operations and siphoning billions into their personal coffers; one that refrained from all publicity, but spent decades slapping the family name on everything from entire museums to minor architectural features, like the Tate Moderns Sackler Escalator.Perhaps the most salient irony concerned the Sacklers stance on mental illness. At the start of his career, it was Arthur Sackler who pioneered the idea that diseases of the mind were not immutable problems brought on by genes or Freudian trauma, but flukes of brain chemistry that could be altered with medication. And yet for decades, his heirs have blamed the rampant abuse of their product, not on the medication itself, but on the intrinsic character of their customerswhom they derided as criminals with addictive personalities.That attitude is reflected in the emails Keefe obtained. In a Dec. 18, 2018, message, the younger Mortimer questioned whether the data on opioid-related overdoses had been fraudulently inflated, asking Purdues general counsel and other attorneys if any victims had taken out life insurance policies. Some insurers, he noted, paid out for accidental drug overdoses, but not suicides. I believe it is fair to assume, he wrote, that some proportion of the overdoses are actually suicides.The Sacklers utter lack of empathy for sufferers of addiction and mental illness carries particular weight, because both afflictions devastated those close to them. In 1975, Robert Bobby Sackler, the first son of founding brother Mortimer Sackler Sr., died at the age of 24. Bobby had struggled with mental illness; Keefe confirmed with the familys former housekeeper of three decades that he had spent time in a psychiatric facility not long before his death. Robert was very distraught. He was off the charts, a friend of his mother told Keefe. Recalling an instance when Bobby had been found wandering Central Park entirely naked, the friend remarked: Probably, it was drugs.Bobby had used PCP, the hallucinatory tranquilizer known as angel dust, the former housekeeper confirmed. Decades later, Bobbys sister would hint at a heroin addiction in a deposition, without mentioning her brother by name. The circumstances of his death remain unclear. On a Saturday morning, after an audible argument in his mothers New York apartment, the doorman heard the crash of breaking glass and a loud thud. Bobby had fallenor jumpednine stories from the apartment window. There is almost no other information about Bobbys life or death. The Sacklers rarely speak about him.Bobby never used OxyContin; he died before it was invented. But others in the Sackler orbit did. For decades, the family employed an attorney named Howard Udell, a figure so intensely loyal he invites comparisons to Tom Hagen in The Godfather (when Udell died, they would hang a giant portrait of him in the office). For two of those decades, Udell worked with a secretary referred to in the book by a pseudonym: Martha West.In 1999, West recalled in testimony years later, Udell instructed her to research ways people were abusing OxyContin (notably, the Sacklers long maintained they only became aware of abuse risks in 2000). She would log into various online forums to scour drug discussions using the pseudonym Ann Hedonia, a pun on the word anhedonia, meaning an inability to feel pleasure. As Keefe recounts, West later wrote a memo about users who reported crushing OxyContin tablets, sucking the time-release coating off, snorting the drug, cooking it, [and] shooting it with a hypodermic needle.The underlying tragedy of Wests memo (which mysteriously disappeared, but was found in a Department of Justice investigation years after) is that she would later resort to similar methods. After a bout of back pain, West explained, she began taking Oxy. Its effects were supposed to last 12 hours, but West found they wore off much earlier, so she started taking pills for immediate release by crushing the drug and snorting it. She became addicted. Though she had been sober for eight years, she began drinking again and using other substances to deal with Oxy withdrawal. Purdue fired her for poor work performance and West later filed an unsuccessful lawsuit against the company. When she was supposed to testify in a 2006 lawsuit filed by Virginia prosecutors against Purdue for felony misbranding, West never showed. Her lawyer found her the next morning, Keefe wrote, in the emergency room of a local hospital, where she had shown up to beg the staff for painkillers. Among the millions who became addicted to OxyContin was a trusted Purdue secretary, according to Empire of Pain. Getty Hundreds of thousands like West suffered from the Sacklers drug empire, but as Keefe notes, most will not receive compensation or reparations of any kind. In 2019, in response to the 2,500 lawsuits brought by a range of litigants from school districts to Native American tribes, Purdue Pharma filed for bankruptcya move which typically freezes all legal proceedings against the complainant. Perhaps oddly for a company headquartered in Stamford, Connecticut, Purdue filed in White Plains, New York, a district with a single bankruptcy judge who had a curious record. Years prior, the judge had ruled in a similar case to suspend all litigation against not only the bankrupted petitioner, but also some associates who were not even filing for bankruptcypeople like the Sacklers, who are still worth billions.In Purdues case, the judge did the same. His ruling rendered prosecutors powerless to pursue both the company and the family. Instead, the Department of Justice under Trump arranged a sweetheart settlement of $8 billion last fall, in which the company would plead guilty to three criminal charges and transition into a public trust. Almost none of the money will come from the Sacklers themselves, who also wont have to admit any wrongdoing.But Empire of Pain suggests an alternative legal interpretation. Back in the 1960s, before most of the living heirs were born, the original Sackler brothers entered into an agreement about what would happen to their business interests when they died. At the time, Purdue was nothing like what it became; the original iteration hawked more embarrassing treatments, like the laxative Senokot and the earwax remover Cerumenex. But Arthur Sackler already had a hand in many projects. He worked at the top advertising firm, William Douglas McAdams, where he pioneered pharmaceutical advertising by appealing directly to doctors themselves and helped make the tranquilizer Valium the most prescribed drug in America. He also had a secret stake in McAdams rival firm, L. W. Frohlich, whose president, Bill Frohlich, was a close friend.The three Sacklers and Frohlich made for a secretive coalition, referring to themselves as the musketeers, and together arranged a pact. Arthur tended to prefer verbal agreements, but this one had been drafted and formalized by an attorney, Richard Leather, who spoke to Keefe. In keeping with the slogan of Alexandre Dumas novel from which theyd taken their nicknameOne for all and all for onethe men agreed to pool their business holdings. When one died, the remaining three would inherit control of his businesses, instead of his heirs. When a second died, his holdings would go to the other two. The last survivor would get everything, until his deathwhen all would pass into a charitable trust. At various points, the original Sacklers harbored some sympathies for socialism. Even if their businesses did not at all hew to those ideals, the hope was that their inheritance would.The four men honored this pact at least once: when Frohlich died young, his stake into the company hed founded passed to the Sacklers. But Raymond and Mortimer Sackler, who had grown resentful of brother Arthurs power, cut him out of the estate. If a copy of the agreement still exists, it had disappeared by 1987, when Arthur died, leaving his collection of ex-wives and children to battle their cousins for cash.The Sackler family did not respond to Keefes queries about the four-way agreement. But Leather argues that it remains binding, meaning that the Sackler children and grandchildren should never have inherited Purdue, or pocketed its billions. The last of the four musketeers, Raymond, died in 2017. Nobody had a right in any of these assets. Those assets were to go to a charitable trust, Leather said. The Sacklers inheritance was, as he put it, a fraud.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

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Cryptocurrency game: Is here to stay or will it crash? - Yahoo News

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Risk Management

(Reuters) If Elon Musk's Tesla wanted to insure all of its recent $1.5 billion bitcoin investment against the myriad of pitfalls it could encounter, like hacks, theft and fraud, it would be out of luck.

Insurers have yet to catch up with the growing acceptance of cryptocurrencies as an investment and in commerce: Mr. Musk said last month Tesla's customers can now use bitcoin as payment.

Scant regulation and volatile prices of bitcoin and other cryptocurrencies make many insurers reluctant to underwrite the risks, despite booming demand for protection of digital assets and for personal liabilities of directors and executives of companies that deal with cryptocurrencies.

Insurers and brokers estimate that of the few that provide suchinsurance, none can offer coverage beyond $750 million for any client.

Tesla did not respond to a Reuters request for comment.

The risks are considerable, with U.S.-based cybersecurity company CipherTrace estimating reported losses from theft, hacks and fraud totaling $1.9 billion in 2020.

Insurers have only a finite capacity that they can write in this space so it really is a case of getting in quickly, said Ben Davis, lead for emerging technology and internationalinsurancewith Superscript, a Lloyds of London broker with cryptocurrency clients.

But while both crime and demand for protection have tracked cybercurrencies' meteoric rise, underwriting such risks remains a niche business offered by specialist insurers in the Lloyds market and in Bermuda. Insurers who spoke to Reuters declined to be named while discussing such a sensitive business area.

The high risk of hacking means smaller companies seeking protection for their hot wallets digital assets stored online - can typically get just about $10 million covered, with the largest limits rarely exceeding the $100 million to $200 million range, insurers and brokers said.

Demand rising fast

Legal ambiguity surrounding the assets, with top regulators from across the world calling for global rules for cryptocurrencies, also acts as a deterrent for insurers.

Cryptocurrencies have struggled to win the trust of mainstream investors and the general public due to their speculative nature and potential for money laundering.

Insurancefor directors and executives of cryptocurrency companies, such as exchanges or custodians seeking to protect their personal assets, is also in short supply, brokers and insurers said.

A potential large drop in the value of cryptocurrencies could trigger lawsuits from investors, which in turn could leave the insurer on the hook if the suit affected the personal assets of a companys executives.

Insurers get concerned because when theres volatility they end up holding the bag, Davis said.

Mr. Davis added that Superscript has to put in "a lot of work" to get directors and officers cover for clients.

Brokers say they see growing demand they just cannot match with sufficient supply.

Jacqueline Quintal, U.S. digital asset leader at Marsh LLC, the world's biggestinsurancebroker, said she was fielding calls from companies seeking protection for their assets, or individuals running them, a couple of times a week, compared with once every other week about six months ago.

Just a huge rush to buyinsurance. Period, she said.

Superscript's Mr. Davis said demand has doubled, if not tripled since January over the same time last year.

Many custodians and cryptocurrency exchanges are also looking to increase the limits in their existing policies as the value of cryptocurrencies has risen, insurers and brokers said.

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Wary insurers watch cryptocurrency craze from the sidelines - Business Insurance

Filecoin, a type of cryptocurrency, has jumped in popularity this year to become one of the top ten biggest cryptocurrencies in the world.

Cryptocurrency market price tracker Coinmarketcap listed Filecoin ninth in its list of cryptocurrencies by market capitalizationthe total value of a cryptocurrency's circulating supply.

Filecoin's market cap is currently $13.4 billion, ahead of Litecoin in tenth place with $13.1 billion. Bitcoinby far the most popularhas a market cap of $1.1 trillion.

Each Filecoin was worth around $214 and up around 42 percent in the past 24 hours at the time of writing. According to Coinmarketcap, Filecoin's price was up more than 150 percent over the past seven days as of Thursday morning.

One reason behind the price jump could be that global crypto asset manager Grayscale added Filecoin as an investment trust in March.

Filecoin has also seen support in China, where regional reports show the computer hardware firm Xinyuan Technology Co. invested $89 million into technology associated with the cryptocurrency, Bitcoin.com reported.

The Filecoin token is the currency behind the wider Filecoin networkessentially a cloud-based storage system that is operated by its users, rather than a central owner. Filecoin was designed by Protocol Labs.

The network aims to compete with existing cloud storage services such as those offered by Dropbox or Google. Both offer a certain amount of cloud data storage for free.

Dropbox, for example, allows users to store 2 gigabytes worth of data, such as images or documents, online. These files are then sent to data storage centers located in the U.S., and users then re-download them when needed.

Filecoin aims to work by removing the central data storage aspect. It allows users to request access to cloud storage by using apps such as Slate.

Users will then be offered a number of storage options by various other users known as miners, who compete on price and speed. The client then selects their preferred miner, and sends the data to the miner for it to be stored.

Miners must provide storage space, and also provide proof that they are able to store other users' data properly. This is verified on the network, and any blocks of data that are not "correct" are denied.

In return for correctly storing data and verifying the data of others, miners receive a storage payment. Filecoin's website warns that mining is an advanced procedure and also requires high-performance computer hardware.

When users want to download data from the Filecoin network rather than upload it, they select a miner who holds the data they want and then pay them to retrieve it.

Additionally, multiple miners across the globe can provide the file, meaning users who want that file are physically closer to it, rather than the file being stored in distant servers.

Filecoin says that due to market demand, data will spread to where it is in highest demand and that access to that data will be optimized in this way.

Read the original here:
What Is Filecoin and Why Is the Cryptocurrency's Price Going Up? - Newsweek

NEW DELHI: Cryptocurrency was the asset class of financial year 2020-21 as it surged sharply, followed by crude oil, which trumped all other commodities thanks to a sudden price dip in March last year.

The pandemic that struck in March upended the price chart for many counters but also gave traders an opportunity to make the best of the crisis and subsequent recovery.

In the base metals pack, all counters gave solid returns as the demand for metals rose following the opening up of the economy. Energy counters along with some agri commodities also created wealth in the fiscal gone by.

Returns from equities and equity heavy mutual funds were the highlight of the year as Sensex and Nifty suffered from a historic crash and then recovered to record highs during the year. Mid and smallcap stocks also came into their own.

Crypto ManiaBitcoin was the asset to hold during FY21 as the cryptocurrency surged nearly over 800 per cent during the year. Other coins also saw a similar demand. Unlike the last few bull runs in cryptocurrencies, this years rally was different. It had a few fundamental reasons to appreciate.

According to industry watchers, acceptance and demand from global institutional investors along with the third halving of bitcoin (a phenomena where the number of daily mined bitcoin gets cut in half), which is a supply shock event, led to the massive rally. Eventually, bitcoin prices passed the $60,000 mark for the first time. Analysts believe this rapid rise may continue in the next year as well but they also said less savvy investors should be cautious.

Precious metals: Silver outperformsSilver was in great demand during the year, largely driven by industrial demand and thanks to a push towards renewable energy. Silver is used in solar panels. The metal advanced 73 per cent in FY21, from Rs 36,871 per kg at the end of March 2020 to Rs 63,666 on Tuesday. The white metal hit a record high of Rs 78,000 in August but corrected later.

Gold, which is used as a hedge against inflation and currency devaluation especially in times of a crisis, rose 8 per cent to Rs 44,331 per 10 grams. It also hit its record high of Rs 56,191, but slid as bond yields rose. Tax cuts on gold also put pressure on prices.

There should be a deeper bottom for gold. The US treasury is again trading higher and we expect more rise in that and dollar index. The new level should be Rs 42,000, which could be a good level to buy, said Vandana Bharti of SMC Global Securities.

She said there could be a scenario when gold may fall below Rs 40,000. "Nobody is talking about it but I am sensing that for a very brief period of time we may see it but people wont get the opportunity to encash it as there will be strong buying at that level," she added.

Base metals: Demand outstrip supplyOn the back of demand recovery, the base metal pack saw its fortune turn as prices rose. Compared to last fiscal end prices, copper surged 75 per cent, tin 46 per cent, zinc 45 per cent, nickel 36 per cent and aluminium 32 per cent. Lead underperformed, rising just 17 per cent.

Supply and demand have been off balance since Q2FY20 as a demand pick-up after pandemic-related closures outpaced ramp ups in production and mining, with companies battling technical problems and growing order backlogs. This has led to a sharp rise in prices.

Base metals also got a boost from special focus on infra spending by the government but rising rates have lately concerned government authorities. Moreover, rising consumer discretionary demand is also leading to a surge in prices.

The US will release details on the infrastructure spending package that could be between $3 and $4 trillion. Focus now shifts to Mfg. PMI data from major economies due later this week; wherein upbeat reading may further fan demand optimism. Furthermore, the downside in metals pack may also be capped amid expectation of accommodative stance by central banks of major economies, said Kotak Securities in a note.

Agro commodities: Jute stands outJute was the clear winner among agricultural commodities as it surged 25 per cent in the last one year to Rs 6,230 per 100 kg. One particular reason for the rally in the golden fiber was the Cabinet nod for 100 per cent jute packaging for food grains and 20 per cent for sugar.

Cardamom, which is used as spice in many cuisines, plunged 44 per cent as production is expected to have increased 78 per cent in the year. Wheat also struggled because of record rabi produce.

How different commodities fared in FY21

Energy: Crude oil triplesFor the most traded and perhaps the most important energy commodity, crude oil, the year was unprecedented. In the international markets, at one point prices of crude futures dipped below zero, shocking even the pundits.

The prices, however, have now recovered sharply thanks to production cuts and rise in demand. The counter has nearly tripled since March 2020. In fact, it has started to disrupt fiscal maths of import dependent countries like India.

Prices will get pressurized in the coming quarter the deteriorating near-term demand outlook in the face of still hampered refineries, surging interest and renewed European lockdowns and can push WTI prices back to $50 if demand recovery gets stalled and vaccine efficiency comes into question, said Navneet Damani and Shweta Shah of Motilal Oswal.

Natural gas, prices for which fluctuate largely due to weather patterns in the US and Europe and related demand, returned 50 per cent in fiscal 2021.

Residential properties back in demandDemand for residential properties recovered, after a multi-year lull in the real estate market. Meanwhile, commercial properties, especially warehouses continued to give good returns as e-commerce boomed.

The government intervention with unlocking and a series of reforms boosted sentiment for the sector. A combination of low-interest rates and reduction in stamp duty resulted in monthly sales of nearly 10,000 units for Mumbai consistently since September.

Homebuyers realized the importance of a spacious home with state-of-the-art amenities, and fiber connectivity that can double up as an office space. We have already started witnessing consolidation in the sector, developers with scale and strong books will emerge stronger post the pandemic. The broader economic recovery is expected to pick up momentum and help most sectors. FY22 will be a year of growth for the sector, with the return of pricing power, said Krish Raveshia, CEO at Azlo Realty.

Equity: Eye popping returns For equities, the year was of a great turmoil and record breaking run. Indices and stocks crashed to their multi-year lows in March only to recover to create a string of fresh record highs by the end of the year. And, for a change, small and midcap indices outperformed their larger peers.

BSE Sensex has climbed 70 per cent so far in the fiscal while BSE Midcap has risen 91 per cent. But the BSE Smallcap index, which has over 650 actively traded constituents, has given an eye-popping 114 per cent return in the last 12 months.

Massive money supply, especially from outside India, pushed indices higher. Hopes of a swift recovery, vaccine rollout and good earnings growth were other major reasons behind such a spectacular rally. Nifty is now trading at a record high valuation.

With fresh restrictions and faster vaccination we can expect sentiment to remain positive at the start of the new fiscal year. The earnings season will also kick in from the second week of April which could turn out to be the driver for stocks. Logically, markets should see some uptick from the first week of April. If this does not materialize at the start of April then we could see Nifty50 drifting towards 13,500-13,600, said Rusmik Oza, EVP, Head of Fundamental Research at Kotak Securities.

Metals were the best performing block, with BSE Metals rising 150 per cent in 12 months. BSE IT and BSE Auto were other sectors that rallied over 100 per cent. Meanwhile, BSE Capital Goods also gained 93 per cent as white goods makers shot up with the government focusing on infra and Make in India initiatives.

Mutual funds: Thematic schemes leadWhatever the strategy, almost all mutual fund schemes gave good to stellar returns in 2020, with some of them returning over 100 per cent in the last one year. Contra funds were picks of the fiscal year. Dividend yield funds also outperformed.

In the equity category, funds investing in different themes and broader markets outpaced others. ICICI Prudential Commodities Fund, ICICI Prudential Technology Fund, Kotak Small Cap Fund, PGIM India Midcap Opportunities Fund and Nippon India Small Cap Fund were the top five performing funds, rising 124-170 per cent.

In the debt fund category, low duration funds shone and credit risk funds again came to the fore and outperformed their peers. JM Low Duration Fund, Franklin India Low Duration Fund, Franklin India Credit Risk Fund, Aditya Birla Sun Life Short Term Fund and Baroda Credit Risk Fund were top performers with enviable 10-27 per cent returns.

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Cryptocurrency crowned top performing asset class of 2020-21 with 800% return - Economic Times