Gold vs. Bitcoin Showdown | The Spillover

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) - https://www.cfr.org/experts/rebecca-p... Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR) - https://www.cfr.org/experts/sebastian... 00:00 - Introduction to The Spillover 01:37 - Today’s Topics: Bitcoin, Gold, & Macro 02:26 - Limited Supply: Gold Mining vs Bitcoin 06:25 - Portfolio Diversification Benefits 09:48 - Bitcoin Volatility vs Equities Data 12:15 - Institutional Adoption & Store of Value 16:19 - Geopolitics: Trump & Crypto Catalysts 19:00 - Regulatory Clarity & US Policy Bills 21:28 - Strategic Bitcoin Reserve Proposals 24:52 - Portability, Theft, & Cybersecurity 26:40 - Quantum Computing Existential Risks 29:15 - Final Case for Gold & Real Economy Use 31:34 - Final Case for Bitcoin & Decentralization 34:54 - Dollar Impact, Bond Yields, & Inflation 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 - https://www.ft.com/content/ef885f08-a... “CLARITY Act Countdown: Crypto Bill Misses July 4 Target, August 7 Deadline Looms,” Yahoo Finance - https://finance.yahoo.com/markets/cry... “Central Bank Gold Reserves Survey 2026,” World Gold Council - https://www.gold.org/goldhub/research... Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released at http://cfr.org/newsletters/#podcasts 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.