‘Bitcoin only is a store of value’ is a false narrative. Broadly speaking, crypto as a whole is a store of value.
Pertaining to the investment side of the cryptocurrency space, I believe the biggest mistake that has been made is letting the Bitcoin community monopolize the narrative that they, and only they, can be considered a 'store of value'. Having been convinced that crypto diversity is bad, the unthinking portions of the market have exonerated Bitcoin from having to prove any functional superiority while simultaneously applying scrutiny to other projects that Bitcoin itself would not live up to.
Anyone who understands anything about public blockchain technology that was started by Satoshi Nakamoto understands that it's made possibly by the combining of a blockchain data structure with a consensus algorithm that uses a token of economic value (simultaneously stored in the data structure) to incentivize network security, without which the network could not survive. This is true of all legitimately decentralized public cryptocurrencies.
Ethereum is essentially a superset of Bitcoin. Again, anyone who understands how the technology works must understand that at its basic level, Ethereum is a decentralized public cryptocurrency like Bitcoin and as such has 'store of value' characteristics every bit as much as Bitcoin. In Ethereum's case, ETH is valuable not only because it's a store of value bounded by network effect, just like Bitcoin, but in addition because ETH has the added utility of being able to purchase computation on the future world's computing surface. Imagine if your car could run literally by burning $20… just put a $20 bill in your gas tank and it's full. Would that make the dollar more valuable or less? More obviously.
I'm constantly seeing this argument in social media that all the 'shitcoins' are going to zero. But this is an unfounded and irrational talking point. Sure there will be some cryptocurrencies that rightfully drop substantially like Bitconnect (a full-on ponzi scheme), and yet even Bitconnect trades non zero still today. There is actually no mechanism that I can see for a cryptocurrency to 'go to zero' apart from being delisted from every exchange in the world at the same time.
The cryptocurrency space acts by analogy like a comet, with Bitcoin being the center gravity, and the remaining cryptocurrencies forming a long tail behind it. As the market moves toward the bottom of its cycle the tail rarefacts, lengthens and spreads thin with 'altcoins' going down in value faster than Bitcoin and of course it's during this time that all the bears and trolls come out to spread the message that everything is going to zero. But as the market moves toward the top of its cycle, as money pours into the center of gravity, value flows back into the now compressing tail, tightening it back up, 'altcoins' rising faster than Bitcoin. Assets that were decreed to 'go to zero' now suddenly are shooting stars comparatively (though with initial relatively low liquidity).
Why is this? Why don't all the little cryptocurrencies on the long tail just die off as all the trolls in the media are suggesting they should? Aside from there being little mechanism for a cryptocurrency to go to zero (as mentioned above) it's because generally the tech of all public cryptocurrencies gives them 'store of value' characteristics and therefore they act together as a collective store of value over the long term.
There are now thousands of cryptocurrencies trading, many from past crypto epochs. And there will be thousands more to come. Apart from basic diversification, I believe the fact that the crypto space as a whole acts as a store of value is another major reason why crypto index funds/ETFs are going to be popular over time. Big money is not going to fall for the false narrative that Bitcoin is the only legitimate cryptocurrency… they are too smart for that and will seek ways of harnessing the value of the long tail of crypto.
It's time we rebut this "Bitcoin is the only store of value" false narrative. The truth based on how blockchain technology works intersected with how markets work is that the whole cryptocurrency space essentially acts as a store of value with cyclical tail compression and rarefaction.