In the 2025 strategy world, Michael Saylor sends a bold message to tech giants like Microsoft: Skip stock buybacks and buy bitcoin.
“Microsoft will be repurchasing,” Saylor said. “Buying Bitcoin is 10 times better than buying its own stock.” Supported by data, he believes that the company’s treasury has left huge room for growth on the desktop by adhering to traditional capital strategies.
Microsoft stock has returned 18% per year over the past five years. But Bitcoin? Grow 62% each year in the same stretching exercise. “If the cost of capital is the S&P 500, or 14%, then Microsoft will perform better than 4%. Bitcoin will perform better than 48%,” Saylor stressed. “By the way, bonds fell 5%, not enough to reach 19%.
According to Saylor, Bitcoin is not only an asset with better performance, but a fundamentally different asset. “This is digital capital,” he said. “Digits are better. Digital pictures are better. Digital relationships, digital messages, digital videos. Don’t believe me? Ask Kodak. Ask Polaroid.”
He compared Bitcoin to a digital building that is invisible, untouchable and immortal. “You hate physical buildings, everything visible, the mayor can rent control of it, the weather can hit it – everything you hate disappears,” he said. “Instead, the buildings become invisible, indestructible, immortal and teleportable.”
Saylor believes that companies like Microsoft (which establishes dominance on digital infrastructure) should now be powered by digital capital. He said clearly: “Microsoft should be powered by digital capital.”
He also points out the unique advantages of Bitcoin as an unrelated asset. “You’re going to hold something on your balance sheet that has nothing to do with everything else,” he said. “You can do a stock buyback, dividends eliminate cash flow, and you can embrace the future.”
For Saylor, the future is obvious. A multi-billion dollar cash company should consider the upside of Bitcoin, a decentralized, borderless, patient asset with the best performance track record of the past decade.
“You have to find something related to your competitors, the country, the company, the creditors, the currency or the culture,” he said. “That’s Bitcoin.”
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