On March 9, 2025, billionaire Elon Musk suddenly posted an article on the X platform, affirming that the Starlink system is the backbone of the Ukrainian army and that the Ukrainian front line will collapse if he turns off the system.
At the same time, Musk also expressed optimism about the prospects of the war, saying that Ukraine "must lose in a long-term tug-of-war".
These statements immediately raised concerns about the possibility of the US considering cutting or restricting access to Starlink in Ukraine. Some US officials have criticized Musk, saying he should not have the right to decide the outcome of the war using a satellite Internet service.
Tensions have escalated as some sources from the White House have hinted that the US government could intervene to control Starlink's operations, even revoking its operating license or severing contracts with SpaceX if Musk takes action to disadvantage Ukraine.
Faced with the risk of Starlink being limited or cut in Ukraine, the global financial market fell into a state of instability, leading to a sharp decline in cryptocurrency.
As of 8:30 a.m. this morning Vietnam time, Bitcoin (BTC) fell below 81,000 USD, down more than 4.8% in the past 24 hours. Ethereum (ETH) lost 6.1%, trading around $2,000. Solana (SOL), XRP and Binance Coin (BNB) are also under strong selling pressure, down 7 - 10%.
captalizing the entire digital currency market by about 120 billion USD in just one day.
Experts say investors are concerned that if the US does indeed take action to limit Starlink, it could change the entire situation of the Ukrainian war, leading to global political and economic instability.
In addition, Elon Musk has long been a figure with a great influence on the digital market, especially Bitcoin and Dogecoin. His statements often have a strong impact on investor sentiment, and this is no exception.
In Vietnam, representatives of the State Bank have repeatedly sent out the message: Bitcoin and other similar virtual currencies are not legal currencies and payment methods.
However, in the recently issued Directive No. 05/CT-TTg, Prime Minister Pham Minh Chinh directed the Ministry of Finance and the State Bank to submit a proposal for a legal framework on digital currency in March.
