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

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.

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.