#1) it doesn't pay any dividends like stocks
Berkshire Hathaway Class A doesn't pay dividends, Gold, Silver, Platinum doesn't pay dividends. If you are looking for dividends stocks, there are plenty and sure they do guarantee stable dividends income like REITs but they aren't as favourable.
A fair comparison would be precious metals and Bitcoin. Not stocks, or bonds.
#2) risk of extended drawdowns which could cause loss of principal unlike in a real estate investment where the property only goes up in value
This is inaccurate. There were instances where property actually lost its value due to certain factors like market downturn, real estate policies, etc. There should not be any assumptions made about any form of investments, stocks, commodity alike.
I'll take the point of view that there is no guarantees that Bitcoin will rise infinitely. Definitely not using past performance as a predictor either. You should be able to make sound investment decisions accordingly however. If you're assuming that certain commodities only goes up in value, then you haven't done your research properly.
#3) unfavorable tax treatment since it cannot be depreciated like many types of assets can be when used for business purposes
the fact that it doesn't pay any type of periodic cash flow while it is owned is a serious issue. for these reasons i don't really like bitcoin as an investment.
That is not true. In certain places, capital gains doesn't incur tax burdens. In fact, there are ways to mitigate or reduce the tax that you're paying if you hold commodities. This is a point that is nitpicked; it differs for different jurisdiction and it is unfair to compare it that way.