Paper wallets are primarily designed to store cryptocurrencies offline by printing a wallet's public and private keys on paper. However, whether a paper wallet can store multiple cryptocurrencies depends on how it is generated and the underlying blockchain technology of the cryptocurrencies.

1. Single-Blockchain Cryptocurrencies: A standard paper wallet is typically tied to a specific blockchain, such as Bitcoin or Ethereum. This means it can store only the cryptocurrency associated with that blockchain. For example, a Bitcoin paper wallet can store only Bitcoin, while an Ethereum paper wallet can store Ether or ERC-20 tokens if supported.

2. Multi-Cryptocurrency Paper Wallets: Advanced tools or generators can create paper wallets that store keys for multiple cryptocurrencies. These are less common and require careful handling. Users must ensure the generator is trustworthy and compatible with the desired cryptocurrencies.

3. Challenges: Multi-cryptocurrency paper wallets increase complexity and risk. The different public-private key structures and compatibility issues between blockchains make such wallets less practical for general use.

While possible, storing multiple cryptocurrencies on a single paper wallet is not widely recommended. Users may prefer separate paper wallets for each cryptocurrency to simplify management and enhance security. Always use trusted sources to generate wallets and carefully safeguard the printed document.