At Strategy World 2025, Michael Saylor issued a bold message to tech giants like Microsoft. Instead, skip stock buybacks and buy Bitcoin.
“Microsoft is going to buy back,” Saylor said. “Buying Bitcoin is ten times better than buying your own stocks.” Backed by data, he argued that by sticking to the legacy capital strategy, the company’s Treasury Department leaves a huge advantage on the table.
Over the past five years, Microsoft Stock has returned 18% impressive per year. But Bitcoin? The same stretch increases by 62% each year. “If the cost of capital is the 14% S&P 500, Microsoft is outperforming 48%. Bitcoin is outperforming 48%,” emphasized Saylor. “By the way, bonds have fallen by 5%.
According to Saylor, Bitcoin is not just a high-performing asset, but a fundamentally different type of asset. “It’s digital capital,” he said. “All digital is better. Digital photography is better. Digital relationships, digital messages, digital video. Don’t believe me. Ask Kodak. Ask Polaroid.”
He compared Bitcoin to digital buildings. It is invisible, unruly, immortal. “I hate about physical buildings, it’s visible, the mayor can control it, the weather can hit it. “Instead, the building will be invisible, immortal, immortal, teleportable.”
Saylor argued that companies like Microsoft, which dominated digital infrastructure, would become powered by digital capital. “Microsoft needs to have digital capital,” he said explicitly.
He also pointed out the unique benefits of Bitcoin as an uncorrelated asset. “You’re going to keep something on your balance sheet that’s not correlated with everything else,” he said. “You can buy back your inventory, dividends on cash flow, or embrace the future.”
For Saylor, the future is clear. Companies sitting on billions of dollars of cash should consider the benefits of Bitcoin. Bitcoin is a decentralized, transnational, censorship-resistant asset with the highest performance record of the past decade.
“We have to find something that is not exposed to a competitor, country, company, creditor, currency or culture,” he said. “And that’s Bitcoin.”
Check out the full live stream here.
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