War has always reshaped economies. It redraws borders, disrupts trade routes and forces governments to rethink priorities. Yet at House of Block’s Digital Assets Conference & Polo Event in London last week, a panel discussion on war, capital markets and consequences suggested something even more profound may be taking place. The conflicts in Ukraine and the Middle East are not simply geopolitical events. They are accelerating a battle over money, energy and technology that could redefine the global financial system.
Moderated by BBC journalist Thomas Mason, the panel brought together economist Brunello Rosa, Freddie New of B Hodl and Katie Ramsey from the UK Government’s Office for Investment. What emerged was a picture of a world in transition, where traditional assumptions about currencies, energy and national power are being challenged.
Rosa argued that war has exposed weaknesses in the foundations of the post-1971 monetary order. For decades, the dominance of the US dollar rested on two pillars: confidence in the US fiscal position and the petrodollar system that linked oil trade to the dollar. Today, both face challenges.
International money and countries
China is pursuing international adoption of its digital currency, the e-CNY, as part of a broader strategy to reduce dependence on the dollar. The United States, meanwhile, is embracing stablecoins as a way of extending dollar influence into the digital era. According to Rosa, the result is the emergence of a new contest between what he described as a digital dollar economy and an “electro-yuan” supported by China’s vast electricity generation capacity.
The role of energy in this debate was striking. While previous generations viewed energy primarily through the lens of oil and gas, today’s geopolitical competition increasingly revolves around electricity, computing power and data centres. In an age dominated by artificial intelligence, access to affordable energy is becoming a strategic asset.
Bitcoin occupies a unique position in this emerging landscape. Neither controlled by governments nor dependent on central banks, it represents an alternative monetary network that operates beyond traditional political structures.
Freddie New, highlighted Bitcoin’s role as what many advocates describe as “money for enemies”. Unlike conventional payment systems, which can be frozen or restricted, Bitcoin transactions cannot easily be stopped once initiated. That characteristic has profound implications in times of conflict, sanctions and geopolitical tension.
The discussion also highlighted the growing connection between national security and digital infrastructure. Katie Ramsey reflected on conversations with Ukrainian officials following Russia’s invasion. Their focus was not only on rebuilding physical infrastructure but on creating resilient digital financial systems capable of functioning during conflict.
Resilience
Increasingly, resilience is becoming a central policy objective. Governments are investing in cybersecurity, digital identity, artificial intelligence and critical infrastructure alongside traditional military spending. Defence is no longer confined to tanks, ships and aircraft. It now includes data centres, software systems and secure networks.
The panel’s most important conclusion may have been that future conflicts will be fought as much through technology and infrastructure as through conventional military means. The missile that costs thousands can destroy equipment worth millions. A cyberattack can disrupt systems without firing a shot. A digital currency can become a geopolitical tool.
For those attending the discussion, the message was clear. The next global contest may not simply be about territory or resources. It may be about who controls the networks, the energy and the money that underpin modern life.
