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At Strategy World 2025, Michael Saylor delivered a daring statement to technology behemoths like Microsoft: forgo the stock repurchases and invest in Bitcoin instead.
“Microsoft is planning a buyback,” Saylor remarked. “Acquiring Bitcoin would be 10x superior to repurchasing their own shares.” Supported by evidence, he presented the argument that corporate reserves are leaving substantial potential gains unexploited by adhering to traditional capital practices.
In the past five years, Microsoft shares have yielded an impressive 18% yearly return. However, Bitcoin? It has surged by 62% annually during that same period. “If capital costs rise to the S&P 500 at 14%, Microsoft is exceeding by 4%. Bitcoin is exceeding by 48%,” Saylor insisted. “Bonds, by the way, are down 5%—underperforming by 19%.”
According to Saylor, Bitcoin is not merely a better-performing asset—it is a fundamentally distinct kind of asset. “It’s digital capital,” he explained. “Everything digital is superior. Digital images are better. Digital relationships, digital communications, digital videos. Don’t take my word for it? Ask Kodak. Ask Polaroid.”
He likened Bitcoin to an invisible, untouchable, and eternal digital structure. “Everything you dislike about a tangible building, that it’s visible and can be managed by the city’s regulations and exposed to environmental factors—everything you dislike about it vanishes,” he stated. “Instead, the structure becomes imperceptible, indestructible, eternal, and teleportable.”
Saylor contended that a corporation like Microsoft—which established its supremacy on digital frameworks—should now be sustained by digital capital. “Microsoft should operate on digital capital,” he stated plainly.
He also highlighted Bitcoin’s distinctive benefit as an uncorrelated asset. “You’re going to maintain something on your balance sheet that’s not linked to anything else,” he remarked. “You can pursue stock buybacks, distribute your cash flow as dividends, or you can welcome the future.”
For Saylor, that future is evident. A company holding billions in cash should assess the advantages of Bitcoin—a decentralized, borderless, censorship-resistant asset with the finest performance history of the last decade.
“You must discover something that’s not vulnerable to competition, nations, corporations, creditors, currencies, or cultures,” he said. “And that’s Bitcoin.”
Watch the entire live stream here.
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