[dehrmann]

All things being equal, a company that doesn't pay a dividend, made $10B last year and $11B this year is worth more than it was a year ago because it could pay a dividend, or it could sell, or it could liquidate. There are ways to get money, even if the shares have no buyers.

Or another way, if AAPL went to $0 and I bought up all the shares, it still prints money, and I could tell the board I want a dividend. It has some amount of intrinsic value in extreme situations. If I own all of some cryptocurrency (and maybe I do!), there's no way to extract value without finding a sucker to sell to.