The architect of the company’s audacious Bitcoin-hoarding strategy explains why he calls the crypto “a flow of money from the 20th century to the 21st century.”

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.

MicroStrategy Inc. bought about 51,780 Bitcoin for around $4.6 billion, the largest purchase by the crypto hedge-fund proxy since it began acquiring the digital-asset more than four years ago.

As the stock market has moved higher, one victim has been dividend yields. With the average payout for the S&P 500 down to just 1.25%, such stocks have lost a bit of appeal at a time when investors can earn a guaranteed return of around 5% in some certificates of deposit.

MicroStrategy Inc. bought a record $5.4 billion in Bitcoin, the third major purchase announced this month by the crypto hedge fund proxy.