The Bitcoin Treasuries Podcast with Tim Kotzman Tech, AI, & Bitcoin Treasuries with Mike Flaum aka Grain of Salt
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Jan 9, 2026 Mike Flaum, known as Grain of Salt, is a seasoned Silicon Valley tech and Bitcoin investor who has authored insightful books on Bitcoin treasuries and AI. In this discussion, he shares how his tech background shapes his investing philosophy and critiques Bitcoin business models' profitability. Flaum highlights the importance of capital efficiency metrics and explains his approach to measuring Bitcoin companies. He also offers a bold outlook for 2026, emphasizing fiscal challenges and Bitcoin's potential rise.
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Early Discovery Of MicroStrategy's Move
- Mike Flaum recounts discovering MicroStrategy's Bitcoin strategy in August 2020 and immediately recognizing its significance.
- He had never heard of Michael Saylor or MicroStrategy before that post but saw it could redefine corporate treasury strategy.
Tech Adoption Is Driven By The Young
- Technology adoption often begins with younger users who see practical value before older incumbents.
- Mike uses his Silicon Valley product experience to treat companies like products and act early on tech shifts.
Model Products With Real Cost Constraints
- Build financial models like a product manager: start with list price, typical discounts, and desired margins.
- Force engineers or teams to design within the realistic cost constraints your model requires.