Out of curiosity, I’ve been back testing a 50/50 BTC/Gold portfolio. I call it the “Hard Money” portfolio. Gold definitely cuts down on the volatility. It, of course, cuts the returns basically in half but it still makes the S&P look flat.

https://www.portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=4&startYear=2016&firstMonth=1&endYear=2021&lastMonth=12&calendarAligned=true&includeYTD=false&initialAmount=10000&annualOperation=0&annualAdjustment=0&inflationAdjusted=true&annualPercentage=0.0&frequency=4&rebalanceType=0&absoluteDeviation=5.0&relativeDeviation=25.0&leverageType=0&leverageRatio=0.0&debtAmount=0&debtInterest=0.0&maintenanceMargin=25.0&leveragedBenchmark=false&reinvestDividends=true&showYield=false&showFactors=false&factorModel=3&benchmark=VFINX&portfolioNames=true&portfolioName1=Hard+Money&portfolioName2=Portfolio+2&portfolioName3=Portfolio+3&symbol1=%5EBTC&allocation1_1=50&symbol2=%5EGOLD&allocation2_1=50