Question

Many people will say that Bitcoin is just like using gold or even paper money as a store of value. Why is that not true?

Answer 1

For a currency to become as "Store of Value" its value needs to be stable and have low volatility. There needs to have some trust that currency value will not fall apart quickly.

Based on the above analogy, Bitcoin is not a perfect candidate for considering it as "Store of Value" becuase its value it quite volatile, therefore it will not be able to build trust about its value among it users. Also there are no one to support its value, however in the case of paper money this is backed by reserve bank of a country.

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