Say you bought some ether when ethereum was at 1.0.

Most of the time Ethereum requires you to update (via a hard fork) to the latest software.

This means you'd need to update your wallet every time there is an update.

Am I getting something wrong here or is Ethereum not a good store of value?

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    A wallet is just an address. Unless they update the encryption method of private key to public address (which would render the entire system obsolete and useless IMO), you have no reason to update your wallet. In fact, there is nothing to update about it. Contracts - maybe, but not wallets. – goodvibration Aug 22 '19 at 9:17

No you don't.

Furthermore, this aspect doesn't influence wether or no Ethereum is a good store of value.

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