Source: Michael Saylor's PPT at the Microsoft board, translated by: Jason, Golden Finance.
On December 10, Microsoft will hold a shareholder meeting where it will vote on the 'Bitcoin Investment Proposal,' which requests an assessment of the benefits of investing a portion of its assets (even if only 1%) in Bitcoin. If the proposal passes, it will be another milestone event affecting the crypto industry.
On December 1, Microsoft held a board meeting where MicroStrategy founder Michael Saylor was invited to present a 44-page PPT 'Microsoft Bitcoin Strategy' in 3 minutes.
Michael Saylor told the Microsoft board that Microsoft cannot miss the next wave of technological trends 'digital capital'; the biggest digital transformation of the 21st century is capital transformation, and Bitcoin is digital capital. Microsoft needs to evaluate Bitcoin strategic options; the Bitcoin strategy will result in a trillion-dollar increase in Microsoft's market value, and Microsoft can create $1 trillion to $4.9 trillion in shareholder value through Bitcoin. If Microsoft adopts 'triple maximization', its market value could increase by nearly $5 trillion. If Bitcoin standard is adopted, Microsoft will succeed.
What did the specific contents of this 44-page PPT discuss? This article will detail it.
1, Microsoft cannot miss the next wave of technological trends: personal computing, graphical user interface, internet, mobile computing, cloud computing, artificial intelligence, digital capital.
2, Bitcoin is the next wave of $2 trillion power; currently, Bitcoin is the seventh largest asset globally: the fastest-growing, most popular, most interesting, most digitized, most useful, and most globalized.
3, The biggest digital transformation of the 21st century is capital transformation, and Bitcoin is digital capital. (Note: Some PPTs only contain text, we will only display the text here and below.)
4, Global wealth will be distributed among various assets.
5, Global wealth assets (a) provide utility; (b) preserve capital.
6, Risk factors: Destroying over $100 billion in capital annually.
Regulation, taxes, competition, obsolescence, economic and political chaos, and crime will dilute capital.
7, Long-term capital is shifting towards digital capital.
8, Digital capital is economically and technologically superior.
9, Bitcoin is a revolutionary advancement in capital preservation.
10, Bitcoin growth: will increase from $2 trillion to over $200 trillion over the next 21 years.
11, Bitcoin: backed by digital, political, and economic power.
12, Microsoft should be backed by digital capital.
13, Bitcoin is the best performing non-correlated asset on corporate balance sheets.
14, Over the past four years, Bitcoin has been the best performing asset on an annualized basis.
15, Bitcoin's performance over the past four years is about ten times that of Microsoft.
16, Bitcoin is crucial, while bonds are toxic missteps.
17, To achieve outstanding performance, Bitcoin (digital capital) is necessary.
18, MSFT stocks and options are weak and worsening; Microsoft is destroying its options market and undermining its stock as a store of value through its financial strategy.
19, By 2024, Bitcoin has become an institutional asset and is now a viable alternative to corporate bonds.
20, The number of public entities holding Bitcoin is surging.
21, The wave of political support for Bitcoin is surging; the White House supports Bitcoin, the Senate supports Bitcoin, the House supports Bitcoin, Wall Street supports Bitcoin, Donald Trump, JD Vance, Robert Kennedy, Howard Lutnick, Scott Bessent, Vivek Ramaswamy, Michael Walz, and Elon Musk all support Bitcoin.
22, Support for U.S. strategic Bitcoin reserves is warming up.
23, Wall Street's support for Bitcoin is also warming up.
24, Trump: Never sell your Bitcoin.
25, 2025: The first year of cryptocurrency resurgence, expectations: Wall Street will adopt Bitcoin, ETFs, FASB fair value accounting, a president and cabinet directly supporting Bitcoin, over 250 congressional supporters of cryptocurrency, Bitcoin strategic reserves, repeal SAB 121, end the cryptocurrency war, digital asset framework, and an increasing number of companies adopting Bitcoin standards.
26, Microsoft needs to make a choice.
27, Option 1: Stick to the past. Traditional financial strategies based on government bonds, buybacks, and dividends; Option 2: Embrace the future with innovative financial strategies based on Bitcoin as a digital capital asset.
28, Option 1: Capital shrinks by $100 billion annually, increasing investor risk and slowing growth; Option 2: Capital grows by $100 billion annually, reducing investor risk and accelerating growth.
29, Microsoft has lost $200 billion in capital over the past five years.
30, Buybacks and dividends exacerbate Microsoft's risk factors, including: fierce market competition, cybersecurity threats, regulatory compliance, intellectual property, global economic conditions, supply chain disruptions, product development and innovation, cloud service adoption, market saturation, legal litigation, acquisitions and strategic alliances, tax risks, foreign exchange fluctuations, talent acquisition and retention, hardware manufacturing, environmental and social responsibility, intellectual property litigation, intellectual property licensing, economic sanctions and trade restrictions, natural disasters and catastrophic events, technological changes, customer preferences, third-party service providers, data privacy, and reputation management.
31, Bitcoin is the best way to escape the vicious cycle; Bitcoin is a commodity, not a company.
32, Bitcoin is an asset with no counterparty risk from competitors, nations, companies, creditors, cultures, or currencies.
33, What if you could acquire a company with a 60% annual growth rate and a size of $100 billion?
34, What if this company's profits are higher than your own?
35, What if you could easily do this every year, forever?
36, Bitcoin is a universal, permanent, and profitable merger partner.
37, Therefore, it is necessary to evaluate Microsoft's strategic Bitcoin options.
38, The Bitcoin24 model is an open-source macro model that uses Bitcoin24 to create custom Bitcoin company forecasts.
39, Microsoft's business assumptions: Enterprise value of $3 trillion (approximately 26 times EV/EBIT), net cash on balance sheet of $27 billion, cash flow of $70 billion (annualized yield of 10%), 30% of cash flow distributed as dividends, 40% of cash flow used for buybacks, stock price around $420/share in 2024, BTC basic annualized yield of 30%.
40, Bitcoin financial strategy: As Microsoft accelerates converting dollar cash flow into Bitcoin, its capital structure is strengthened.
41, Bitcoin strategies drive Microsoft's stock price up: Bitcoin could contribute $155 to $584 per share to Microsoft while reducing shareholder risk.
42, Bitcoin strategies will result in a trillion-dollar increase in Microsoft's market value, Microsoft can create $1 trillion to $4.9 trillion in shareholder value through Bitcoin.
43, Bitcoin reduces the risk value of Microsoft's enterprise: Microsoft currently uses leverage to drive profit expectations and has reached a very unhealthy level.
44, If Bitcoin standard is adopted, Microsoft will succeed.
Do the right thing for customers, employees, shareholders, the nation, and the world by adopting Bitcoin.
(Note: The views expressed in the PPT are Michael Saylor's personal opinions and do not necessarily reflect the views of MicroStrategy Incorporated; this document does not constitute any financial instruments or legal, tax, financial, investment, or other advice or recommendations.)
