A share of stock will have some equity. The equity may be less than zero, but that will still be reflected in the price. A Bitcoin will never have equity. Why are you comparing historic market price of Bitcoins to historic operating results for a company? That is an apples to oranges comparison. Investors do consider the historic market price of stock, but it is a separate animal than historic operating results.

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Not with common stock. Unless you are able to purchase preferred shares of a corporation, no liquidation of a company's assets in bankruptcy will be returned to common stock shareholders. Preferred shareholders might get something, but it's not likely.

Investors do not typically buy stock of bankrupt companies, nor do they buy with the expectation that the company will go bankrupt. And while there are no guarantees that any stockholder will receive anything in a bankruptcy liquidation, it is possible that they could. And bankruptcy is not the only time companies liquidate. Mergers and acquisitions can result in the liquidation of a company with significant value distributed to the shareholders of the liquidated company. Mergers and acquisitions are much more likely for publicly traded companies than bankruptcy liquidations.

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Useless to the shareholders of common stock.

See above.

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True, but under almost all scenarios dividends are reinvested in shares of stock at current prices. Dividends are shrinking compared to historical figures as profit margins are squeezed.

Dividends increased dramatically when they received preferential tax treatment to reduce the impact of double taxation. Any decision to reinvest dividends is a decision on how to spend money distributed by the company. Note the word used is reinvest, not respeculate. Even if dividends are shrinking they still have value, what does Bitcoin provide that is equivalent? A reduction in dividends also results in an increase in a company's total assets as it is cash the company retains. So a reduction in dividends represents an increase in equity discussed above. The value of increased equity may not, most likely will not, be as beneficial to the stock's market price as current dividends, but it still has value.

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But to suggest stocks have anything on bitcoin beyond dividends is foolish.

Trillions of dollars of investor money disagree with you. Hell, more money is invested in Google stock, a corporation that has never paid, and has no plans to pay, dividends than is invested in Bitcoins. LINK