At Technique World 2025, Michael Saylor issued a daring message to tech giants like Microsoft: skip the inventory buybacks and purchase Bitcoin as an alternative.
“Microsoft goes to do a buyback,” Saylor mentioned. “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 formidable 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. “All the pieces digital is best. 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 pieces you hate a couple of bodily constructing, that it’s seen and the mayor can lease management it and climate can strike it—every part 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 steadiness sheet that’s not correlated to every part else,” he mentioned. “You are able to do inventory buybacks, dividend out your money movement, or you’ll be able to embrace the longer term.”
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 the very best efficiency report of the previous decade.
“You’ve acquired to seek out one thing that’s not uncovered to opponents, nations, companies, collectors, currencies, or cultures,” he mentioned. “And that’s Bitcoin.”
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