Importantly, stocks represent cash flows.
Even stocks that don’t pay dividends can benefit from cash flows in the form of stock buybacks. Many big tech companies like Meta don’t pay dividends but do spend tens of billions on buybacks.
When a company buys its own stock, the value of the remaining shares appreciates. This is in some ways better than a dividend because you (as a shareholder) don’t need to pay tax on the cash distribution.
Many crypto proponents just don’t seem to understand how shares work and tokens don’t.
