At Strategy World 2025, Michael Saylor issued a daring message to tech giants like Microsoft: skip the inventory buybacks and purchase Bitcoin as a substitute.
“Microsoft goes to do a buyback,” Saylor stated. “Shopping for Bitcoin can be 10x higher than shopping for their very own inventory.” Backed by knowledge, he made the case that company treasuries are leaving large upside on the desk by sticking with legacy capital methods.
Over the past 5 years, Microsoft inventory has returned a powerful 18% yearly. However Bitcoin? It’s up 62% yearly over that very same stretch. “If the price of capital is the S&P 500 at 14%, Microsoft is outperforming by 4%. Bitcoin is outperforming by 48%,” Saylor emphasised. “Bonds, by the best way, are down 5%—underperforming by 19%.”
Based on Saylor, Bitcoin isn’t just a better-performing asset—it’s a essentially totally different kind of asset. “It’s digital capital,” he stated. “All the things digital is healthier. Digital photos are higher. Digital relationships, digital messages, digital movies. Don’t consider me? Ask Kodak. Ask Polaroid.”
He in contrast Bitcoin to a digital constructing—one which’s invisible, untouchable, and immortal. “All the things you hate a couple of bodily constructing, that it’s seen and the mayor can hire management it and climate can strike it—all the things you hate about it goes away,” he stated. “As an alternative, the constructing turns into invisible, indestructible, immortal, and teleportable.”
Saylor argued that an organization like Microsoft—which constructed its dominance on digital infrastructure—ought to now be powered by digital capital. “Microsoft needs to be powered by digital capital,” he stated plainly.
He additionally pointed to Bitcoin’s distinctive benefit as an uncorrelated asset. “You’re going to carry one thing in your steadiness sheet that’s not correlated to all the things else,” he stated. “You are able to do inventory buybacks, dividend out your money move, or you may embrace the long run.”
For Saylor, that future is evident. An organization sitting on billions in money ought to take into account the upside of Bitcoin—a decentralized, borderless, censorship-resistant asset with one of the best performance record of the previous decade.
“You’ve bought to search out one thing that’s not uncovered to rivals, nations, firms, collectors, currencies, or cultures,” he stated. “And that’s Bitcoin.”
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