Source: Michael Saylor's PPT at the Microsoft board meeting, translated by Jason, Golden Finance.
On December 10, Microsoft will hold a shareholders' meeting, where a vote will be held on the 'Bitcoin Investment Proposal,' which requests an assessment of the benefits of investing a portion of assets (even just 1%) in Bitcoin. If the proposal passes, it will be another milestone event affecting the cryptocurrency industry.
On December 1, Microsoft held a board meeting, where MicroStrategy founder Michael Saylor was invited to present a 44-page PPT titled 'Microsoft Bitcoin Strategy' in three minutes.
Michael Saylor told the Microsoft board that Microsoft cannot miss the next wave of technological trends 'digital capital'; the largest digital transformation of the 21st century is capital transformation, and Bitcoin is digital capital. Microsoft needs to assess Bitcoin strategic options, which will lead to a trillion-dollar level increase in Microsoft's market value, enabling Microsoft to create $1 trillion to $4.9 trillion in shareholder value through Bitcoin. If Microsoft adopts the 'triple maximization' strategy, its market value could increase by nearly $5 trillion. If adopting a Bitcoin standard, Microsoft will achieve success.
What exactly does this 44-page PPT cover? This article will detail it.
1. Microsoft cannot miss the next wave of technological trends: personal computing, graphical user interfaces, the internet, mobile computing, cloud computing, artificial intelligence, digital capital.
2. Bitcoin is the next wave of the $2 trillion force; currently, Bitcoin is the seventh-largest asset globally: the fastest-growing, most popular, most interesting, most digitized, most useful, and most global.
3. The largest digital transformation of the 21st century is capital transformation, and Bitcoin is digital capital. (Note: Some parts of the PPT contain only text; we will only display text in this article.)
4. Global wealth will be distributed across various assets.
5. Global wealth assets (a) provide utility; (b) preserve capital.
6. Risk factors: Destroying over $1 trillion in capital each year.
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 superior in economic and technological terms.
9. Bitcoin is a revolutionary advancement in capital preservation.
10. Bitcoin growth: will increase from $2 trillion to over $200 trillion over 21 years.
11. Bitcoin: Backed by digital, political, and economic forces.
12. Microsoft should be supported by digital capital.
13. Bitcoin is the best-performing uncorrelated 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 essential, while bonds are toxic missteps.
17. To achieve outstanding performance, Bitcoin (digital capital) is needed.
18. MSFT stock and options are weak and deteriorating, and Microsoft is destroying its options market and weakening 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 skyrocketing.
21. The political support wave for Bitcoin is surging, with the White House, Senate, House of Representatives, and Wall Street supporting Bitcoin, along with Donald Trump, JD Vance, Robert Kennedy, Howard Lutnick, Scott Bessent, Vivek Ramaswamy, Michael Walz, and Elon Musk all backing Bitcoin.
22. Support for the U.S. strategic Bitcoin reserve is heating up.
23. Support for Bitcoin on Wall Street is also heating up.
24. Trump: Never sell your Bitcoin.
25. 2025: The first year of cryptocurrency revival, expectations include: Wall Street adopting Bitcoin, ETF, FASB fair value accounting, a pro-Bitcoin president and cabinet, over 250 pro-cryptocurrency members of Congress, Bitcoin strategic reserves, repeal of SAB 121, end of the cryptocurrency wars, digital asset framework, and more companies adopting Bitcoin standards.
26. Microsoft needs to make a choice.
27. Choice 1: Stick to the past. Traditional financial strategies based on government bonds, buybacks, and dividends; Choice 2: Embrace the future with an innovative financial strategy based on Bitcoin as a digital capital asset.
28. Choice 1: Capital shrinks by $100 billion each year, increasing investor risk and slowing growth; Choice 2: Capital grows by $100 billion each year, 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: intense 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 responsibilities, 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 break free from the vicious cycle; Bitcoin is a commodity, not a company.
32. Bitcoin is an asset that does not have 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 scale 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 assess Microsoft's strategic Bitcoin options.
38. The Bitcoin24 model is an open-source macro model that uses Bitcoin24 to create customized Bitcoin company forecasts.
39. Microsoft's business assumptions: enterprise value of $3 trillion (approximately 26 times EV/EBIT), net cash on the 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, projected stock price of about $420 per share in 2024, and a basic annualized yield of 30% for BTC.
40. Bitcoin financial strategy: As Microsoft accelerates converting its dollar cash flow into Bitcoin, its capital structure is strengthened.
41. The Bitcoin strategy drives Microsoft stock prices up: Bitcoin has the potential to contribute $155 to $584 per share for Microsoft while reducing shareholder risk.
42. The Bitcoin strategy will lead to an increase in Microsoft's market value at the trillion-dollar level, allowing Microsoft to 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 an extremely unhealthy level.
44. If adopting a Bitcoin standard, Microsoft will achieve success.
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 those of MicroStrategy Incorporated. This document does not constitute any financial instruments or legal, tax, financial, investment, or other advice or recommendations.)
