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 mentioned. “Shopping for Bitcoin could be 10x higher than shopping for their very own inventory.” Backed by information, he made the case that company treasuries are leaving huge 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%.”
In response to Saylor, Bitcoin isn’t just a better-performing asset—it’s a basically completely different kind of asset. “It’s digital capital,” he mentioned. “Every little thing 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. “Every little thing you hate a couple of bodily constructing, that it’s seen and the mayor can lease management it and climate can strike it—the whole lot you hate about it goes away,” he mentioned. “As a substitute, 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 must be powered by digital capital,” he mentioned plainly.
He additionally pointed to Bitcoin’s distinctive benefit as an uncorrelated asset. “You’re going to carry one thing in your stability sheet that’s not correlated to the whole lot else,” he mentioned. “You are able to do inventory buybacks, dividend out your money stream, or you’ll be able to embrace the long run.”
For Saylor, that future is obvious. An organization sitting on billions in money ought to think about the upside of Bitcoin—a decentralized, borderless, censorship-resistant asset with the very best performance record of the previous decade.
“You’ve bought to search out one thing that’s not uncovered to opponents, nations, firms, collectors, currencies, or cultures,” he mentioned. “And that’s Bitcoin.”
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