Telegram founder and CEO Pavel Durov has disclosed that his personal wealth and lifestyle have been funded by early Bitcoin investments, not by his popular messaging app. Durov stated on Lex Fridman's podcast that he purchased thousands of Bitcoin in 2013 at around $700 per coin, a decision that initially drew ridicule but has since proven to be a significant financial success.
Key Takeaways
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Pavel Durov invested in Bitcoin in 2013, buying thousands of BTC at approximately $700 each.
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He claims Telegram is a personal money-losing operation, with Bitcoin funding his lifestyle.
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Durov believes Bitcoin's scarcity and censorship resistance make it superior to fiat currencies.
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He predicted Bitcoin could reach $1 million per coin in the future.
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Durov also discussed the development and regulatory challenges of Telegram's blockchain project, TON.
Early Bitcoin Investment Fueled Lifestyle
Durov explained that he was a strong believer in Bitcoin from its early days. Despite buying at a "local maximum" of around $700, he invested "a couple of million" dollars. When the price later plummeted below $200, he remained unfazed, refusing to sell and asserting his belief in the cryptocurrency's future and its inherent properties.
"Some people think if I’m able to rent nice locations or fly private, it’s because I somehow extract money from Telegram," Durov said. "Like I said, Telegram is a money-losing operation for me personally. Bitcoin is something that allowed me to stay afloat."
Bitcoin's Superiority Over Fiat
The tech entrepreneur expressed a strong conviction in Bitcoin's long-term value, predicting it could reach $1 million per coin. He cited governments' unchecked money printing as a reason for fiat currency's inherent instability, contrasting it with Bitcoin's fixed supply and predictable inflation.
"Nobody’s printing Bitcoin," Durov stated, emphasizing its scarcity and the fact that its creation will eventually cease. "Bitcoin is here to stay. All the fiat currencies remain to be seen."
Telegram Open Network (TON) Development
Durov also touched upon the Telegram Open Network (TON), a blockchain project initially developed by Telegram to support its massive user base. He noted that Bitcoin and Ethereum were not scalable enough for Telegram's needs. While the technology was developed, regulatory hurdles in the U.S. prevented its launch by Telegram.
The project, now known as The Open Network, has since evolved independently and is integrated into the Telegram ecosystem, particularly for NFTs. Durov highlighted that TON has become one of the largest blockchains in terms of daily NFT trading volume, despite its native token, Toncoin, experiencing significant price drops from its all-time high.
Key Takeaways
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Pavel Durov Funds Lifestyle With Bitcoin Purchased in 2013, Cointelegraph.
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I funded my lifestyle from Bitcoin, not Telegram: Pavel Durov — TradingView News, TradingView.
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Pavel Durov: I Built My Wealth with Bitcoin at $700, Not Telegram, FX Leaders.
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Telegram CEO holds a few hundred million dollars in his 'bank account or in bitcoin', The Block.
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Pavel Durov calls Bitcoin a lifeline and hedge against fiat, Traders Union.
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