A post-2022 barbell portfolio consists of Bitcoin and Gold as the primary safe-haven assets, with convexity supplied by bonds through something like RFIX.

This is ironically a complete inversion of the old model where Treasuries sat at the core of ‘risk-free,’ and gold or Bitcoin were treated as speculative risk.

Now the foundation is neutral money outside the political system, while bonds are the tactical kicker. The Rubicon was crossed when reserves were weaponized in 2022, and the safe haven playbook flipped.