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It is pretty darn hard to make a billion dollars of gold (or paper money) virtually theft-proof, especially if you're worried that your government might decided it 'needs' some of it.
Assuming bitcoins are eventually worth billions of dollars, it will be easy to make a billion dollars of bitcoins virtually theft-proof. Heck, you could walk around with a billion dollars worth of bitoins on an encrypted memory stick in your pocket.
With a backup in a safe deposit box in Switzerland. That's MUCH better than gold or paper money.
I'm starting to think that bitcoin as a store-of-value might end up being more attractive than bitcoin as a medium-of-exchange.