About 2 seconds using VBA.
Public Sub ConverterPoints()
Dim objPoint As AcadPoint
Dim objCircle As AcadCircle
Dim StartTime, EndTime As Date
StartTime = Now
For Each objPoint In ThisDrawing.ModelSpace
Set objCircle = ThisDrawing.ModelSpace.AddCircle(objPoint.Coordinates, 30)
objPoint.Delete
Next objPoint
EndTime = Now
Debug.Print DateDiff("s", StartTime, EndTime)
End Sub