A 60/40 or 70/30 stock/bond core is the FIRE default: liquid, cheap, and the mix Bengen and Trinity actually ran. 70/25/5 is a blog shorthand, not a tested mix. Crypto and real estate are satellites.
Bitcoin pays no coupon and fell 76% from November 2021 to January 2023 (CoinGecko). Morningstar: a 5% bitcoin sleeve is the tipping point — over 20% of a 60/40’s risk. Do not fund it from bonds. 0% is a complete answer.
Listed REITs are a stock sector (Nareit 20-year CAGR 6.04% vs S&P 10.53% to 31 Mar 2026). A levered rental is a business: 25% down on a $400,000 house is $100,000 equity; a 30% drop wipes it.
Write core % and satellite % before you buy. Run 0%, 5%, and 10% in RiskOptimizer.