What kind of bike?

A bike itself only weighs about 20 or 30 pounds. Hanging that much weight from one wheel is much less stress than you put on the wheel when you ride it. The biggest problem you might encounter is that, when the rubbery coating wears off of the hook, it can leave cosmetic marks on your rim.

A very few bikes that have higher end suspension elements with oil in them are sensitive to what position they are stored in. If you hang them upside down, for example, the oil might leak out.