FRMO Corporation (OTC:FRMO) Q2 2023 Earnings Call Transcript

Similar thing is going to happen to other digital assets. It’s going to start with digital assets. And those digital assets are going to be monetized. And whoever does that is going to have a great advantage because you’ve now caught the attention of very large numbers of people, literally tens of millions of people. After that, it becomes relatively easier, not easy, but easier to persuade those individuals to entrust their data to the blockchain. And then there’ll be a database of data, and it won’t be gathered by the leading technology companies. It’ll just be gathered by the individuals through this mechanism and they’ll be able to monetize their data if they feel like monetizing their data, which some people may not want to do, but a lot of people will monetize their data.

And it can start by something as simple as, do you wish to see an advertisement on a certain subject? And anyway, I believe that’s how it’s going to evolve. So in my travels, what I’ve seen the most software development on that’s within striking distance of realization is the mining of data and the possible mining monetization of digital assets anything relating to digital assets and this monetization, that’s, I think is going to be the first effort and we’ll go — have to go from there.

Steven Bregman: Murray, I thought to go back to a prior question. It was about the once bitten, twice shy sentiment that might be feared among institutional investors regarding Bitcoin. And I understand the reason for the question, but in point of fact then, you gave a couple of factors earlier when you spoke. You can measure that. You’ve explicated a number of different factors overtime that describe various facets of the cryptocurrency industry and its robustness or lack of robustness. And there are all sorts of markers of Bitcoin usage for instance, such as the number of active wallets or the concentration, profile of coins, or the number of lightning network channels and the number of nodes and servers. You can look at institutional changes, whether they’re private institutions like a Fidelity or, banks that are building robust custody and exchange and pricing, systems and platforms, which you don’t do that lightly and Central banks too.

And you could make a list or a table. Actually I suggested this to somebody, one of our analysts yesterday. You could make a list or table of all these various factors. So you come up with a dozen factors and then track them over time. Maybe you just make a, an index of, basically it’s about acceptance that you suggested very early on it’s a money and money is that acceptance. And there are different really measures of how broad and deep acceptance is continuing and that hasn’t stopped. In fact, it’s only getting deeper, but that’s the way you can, anybody for themselves can address that. And maybe we’ll come up with something of our own, if it seems to hold water.

Murray Stahl: Well, true, it’s definitely true. It will be addressed in due course. If you want something, just the quick and dirty the discount NAV or the Bitcoin Investment Trust, it’s a measure of sentiment in a way. So if you want something very easy to do, that’s a thing to do. And if you want something a little bit more difficult but not much more difficult to give you a better sense, I would say if you take the single asset digital currency products, so it’s Litecoin Investment Trust and the Ethereum Classic Trust and Zcash Trust the seated discounts, do NAV of those things and look at them, I think you’ll get a pretty good indication of what the sentiment is. And but we’re on the verge of just tremendous things in crypto.