REALITY CHECK | Global Economic Power Shifting From Military to Technology, Says U.S Treasury Secretary

U.S. Treasury Secretary, Scott Bessent, said global economic power is increasingly shifting from military strength to technological leadership, arguing that U.S. dominance in digital assets could help preserve the dollar’s position as the world’s leading reserve currency. “We will keep our military umbrella, but I think more and more it’s becoming a technology umbrella,” Bessent said at Ripple’s Swell conference drawing parallels between the U.S.-China competition in artificial intelligence and semi-conductors and the race to control digital financial infrastructure.