What crypto enthusiasts miss is that owning a share of Apple grants you a right to a portion of their current cash + future profits (net of debt). A Bitcoin gr

What crypto enthusiasts miss is that owning a share of Apple grants you a right to a portion of their current cash + future profits (net of debt). A Bitcoin grants you nothing but that Bitcoin - that’s what people mean when they say stocks have “intrinsic value”. Apple will never go to zero because they have a boatload of cash and the ability to make more. If there are fewer shareholders, existing ones just get a larger portion of the profits but the market cap will never drop below the current cash - debt.