On December 1, Microsoft held a board meeting. MicroStrategy Chairman Michael Saylor presented a groundbreaking 44-page PPT to all Microsoft shareholders in a 3-minute speech recommending holding Bitcoin and proposing a digital asset strategy to help Microsoft return to the global top.
Michael Saylor told the Microsoft board that Microsoft cannot miss the next wave of technological upheaval, 'digital capital'. The biggest digital transformation of the 21st century is the transformation of capital, and Bitcoin is digital capital. Microsoft needs to evaluate Bitcoin strategic options; the Bitcoin strategy could lead to a trillion-dollar increase in Microsoft's market value, creating $1 trillion to $4.9 trillion in shareholder value. If Microsoft adopts 'triple maximization', its market value could increase by nearly $5 trillion. If Bitcoin standard is adopted, Microsoft will achieve success.
Two days later, Microsoft will hold a shareholder meeting on December 10, during which Microsoft will vote on the 'Bitcoin investment proposal' that requests an evaluation 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 crypto industry.
Michael Saylor claims in his speech that if Microsoft uses all its finances, debts, and all cash flows, dividend payments, and stock buyback funds to purchase Bitcoin, then over the next 10 years, Bitcoin could drive Microsoft's stock price up by $584, at which point one Bitcoin will be worth $1.7 million.
Since 2020, Saylor's MicroStrategy has purchased 386,700 Bitcoins at a total cost of $21.9 billion, and the current value of the Bitcoins the company holds is nearly $37.6 billion. From 2024 to now, MicroStrategy's stock price has soared 465.5% alongside the value of its held Bitcoins.
So what exactly did he say? (The following statements are translations of his PPT content)
1. Microsoft cannot miss the next wave of technological upheaval: personal computing, graphical user interfaces, the internet, mobile computing, cloud computing, artificial intelligence, digital capital.
2. Bitcoin is the next wave of '2 trillion dollars' 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 the transformation of capital, and Bitcoin is digital capital.
4. Global wealth will be distributed across various assets.
5. Global wealth assets (a) provide utility; (b) preserve capital. Risk factors:
6. Destroying over $100 billion in capital every year. Regulations, taxes, competition, obsolescence, economic and political chaos, and crime dilute capital.
7. Long-term capital is shifting towards digital capital.
8. Digital capital is superior economically and technologically.
9. Bitcoin is a revolutionary advancement in capital preservation.
10. Bitcoin growth: will increase from $2 trillion to over $200 trillion in 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 non-correlated asset on the corporate balance sheet.
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.
17. To achieve outstanding performance, Bitcoin (digital capital) is required.
18. MSFT stock and options are weak and continuously deteriorating; Microsoft is destroying its options market and undermining its stock as a store of value through its financial strategies.
19. In 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 political support wave for Bitcoin is surging; the White House supports Bitcoin, the Senate supports Bitcoin, the House supports Bitcoin, Wall Street supports Bitcoin, and public figures like Donald Trump, JD Vance, Robert Kennedy, Howard Lutnick, Scott Bessent, Vivek Ramaswamy, Michael Woltz, and Elon Musk support Bitcoin.
22. Support for the U.S. strategic Bitcoin reserve is increasing.
23. Wall Street's support for Bitcoin is also warming up.
24. Trump said: Never sell your Bitcoin.
25. 2025: The first year of cryptocurrency revival, expectations: Wall Street will adopt Bitcoin, ETFs, FASB fair value accounting, direct Bitcoin-supporting presidents and cabinets, over 250 cryptocurrency supporters in 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. 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: 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, 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 poses no counterparty risk from competitors, nations, companies, creditors, cultures, or currencies.
33. What happens if you can acquire a company with a 60% annual growth rate and a size of $100 billion?
34. What happens if the company's profits are higher than your own?
35. What happens if you can 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 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 return 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 return of 30%.
40. Bitcoin financial strategy: As Microsoft accelerates the conversion of dollar cash flows into Bitcoin, its capital structure is strengthened.
41. The Bitcoin strategy drives Microsoft's stock price up: Bitcoin has the potential to contribute $155 to $584 per share to Microsoft while reducing shareholder risk.
42. The Bitcoin strategy will lead to a trillion-dollar increase in Microsoft's market value, creating $1 trillion to $4.9 trillion in shareholder value.
43. Bitcoin reduces the risk value of Microsoft's enterprise: Microsoft is currently using leverage to drive profit expectations, and it has reached an extremely unhealthy level.
44. If Bitcoin standard is adopted, Microsoft will achieve success.
45. Do the right thing for customers, employees, shareholders, the country, and the world by adopting Bitcoin.
