Cohosts Rebecca Patterson and Sebastian Mallaby stage a friendly debate over two so-called dollar alternatives—gold and bitcoin—weighing whether either has truly earned its reputation as a store of value. Patterson defends gold’s centuries of institutional credibility and diversification track record, while Mallaby makes the bull case for bitcoin’s finite supply and upside potential.

 

Hosts:

 

Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR)

 

Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR)

 

Mentioned on the Episode:

 

SPDR Gold Shares (GLD): The largest and most highly traded physical gold ETF, holding bullion in secure London vaults. It carries an expense ratio of 0.40 percent. This is just for information; it is not a trading recommendation.

 

Rebecca Patterson, “Gold as an Equity Hedge Requires Patience,” Financial Times

 

“CLARITY Act Countdown: Crypto Bill Misses July 4 Target, August 7 Deadline Looms,” Yahoo Finance

 

“Central Bank Gold Reserves Survey 2026,” World Gold Council

 

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The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.

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