Michael Saylor explains that MicroStrategy's MSTR stock adds value to Bitcoin just as oil companies gain value by refining oil to gasoline.

Bernstein analysts predict MicroStrategy will own 4% of the total bitcoin supply by the end of 2033, an amount they expect to be worth about $830 billion.

Bernstein analyst Gautam Chhugani, who boosted his price target on MicroStrategy by $310 to $600 a share in a note published Monday, sees the group as a principal beneficiary. Chhugani estimates MicroStrategy owns around 1.7% of global bitcoin and says could grow to 4% over the next decade in his base-case scenario.