The Portfolio of the Future: From Bitcoin to Tokenization

The portfolio of the future: from the 60/40 to tokenization

Overview

The classic 60/40 portfolio is no longer enough for a longer life. In this MERGE Madrid talk, eToro offers a reflection on how an investment portfolio should evolve: moving from Bitcoin as digital gold to positioning in tokenization infrastructure, where interest and capital are flowing today. It is not an invitation to invest, but to rethink the portfolio of the future.

What you'll learn

• Why the 60/40 is dead: fixed income that no longer pays and the longevity era
• Exponential technologies in a portfolio: from Bitcoin (2016-2017) to tokenization
• The growth verticals: stablecoins, tokenized fixed income and real world assets
• Investing by layers: L1 infrastructure (Ethereum, Solana), applications and tokens
• Key players: Coinbase, Circle, Ondo, Securitize, Chainlink, Fireblocks, Lido, Aave
• Risk management and the efficient frontier: weighting crypto according to investor profile

Session summary

Ahead of the market: the talk recalls that back in 2016 blockchain was already described as the future and in 2017 a 3-5% Bitcoin allocation was proposed; today that thesis is no longer enough because Bitcoin has run a lot and the next leap is being sought.

The 60/40 is dead: with fixed income barely paying and life expectancy in Spain around 83 years, the classic models that de-risk as retirement approaches are not enough to cover more years of life, medical costs, dependency and professional reskilling.

From Bitcoin to tokenization: it cites a US independent advisor who allocates between 10% and 40% to crypto; it proposes keeping Bitcoin as macro collateral (around 10-15%) and shifting the weight toward tokenization infrastructure, with expected growth (CAGR near 40% by 2030).

Three growth verticals: stablecoins (from around $300 billion to between $1 and $5 trillion, with real payment use cases for the 4 billion people without dollar access); short-term tokenized fixed income (BlackRock's tokenized money-market fund, $4-5 trillion by 2030) and its DeFi derivative; and real world assets (real estate, private equity, tokenized stocks and funds, around $30 trillion by 2034).

How to invest, by layers: the talk distinguishes infrastructure (L1 such as Ethereum or Solana), apps and tokens; the easiest and least risky approach is to position in the base layer, watching inflation policy and developer activity.

Players to gain access: it mentions Coinbase and Kraken, Circle (USDC, now public), Ondo Finance, Securitize (with BlackRock), Centrifuge, Chainlink (oracles), Fireblocks and Onyze (custody) and Lido (staking); it stresses that entry timing and weighting depend on risk profile.

Watch the full talk

Watch the full recording on MERGE's YouTube channel, with eToro's reflection on the portfolio of the future, tokenization and the end of the 60/40.

FAQs

Why is the 60/40 said to be dead?
Because fixed income no longer offers the returns it used to and longer life expectancy demands portfolios that keep growing for more years; that is why exponential technologies are added.

What is the portfolio of the future according to this talk?
A portfolio that keeps Bitcoin as macro collateral and increases the weight in tokenization infrastructure (stablecoins, real world assets, L1), always adjusted to the risk profile.

How can you invest in tokenization?
By layers: infrastructure (Ethereum, Solana), applications and tokens, or through listed companies and protocols that channel that demand, such as Coinbase, Circle, Ondo or Securitize.

Is this financial advice?
No. The talk stresses it is a reflection, not an invitation to invest; any decision should be made according to each investor's profile and, where appropriate, with professional advice.