Telegram’s founder and CEO, Pavel Durov, revealed his early investment in Bitcoin, which he made during the cryptocurrency’s nascent stages. This investment has been pivotal in sustaining his lifestyle over the years.
In a recent podcast with Lex Fridman, the Russian tech entrepreneur shared, “I believed in Bitcoin almost from its inception. I purchased my first few thousand Bitcoins in 2013, without much thought.”
Durov added that he bought Bitcoin at a “local peak” when it was around $700 per coin, investing “a few million dollars” without hesitation.
When the market crashed and Bitcoin’s price plummeted below $200, some mocked his decision. However, Durov remained steadfast, stating, “I didn’t care. I wasn’t selling. I believed in it. I thought this is how money should work—no one can seize your Bitcoin, and no one can censor you for political reasons.”
Bitcoin: Durov’s Financial Lifeline
Durov emphasized that his Bitcoin investment, not Telegram, has been the primary source of his personal wealth.
“Some assume my luxurious lifestyle or private jet travels are funded by Telegram. In reality, Telegram has been a loss-making venture for me. Bitcoin is what has kept me afloat,” he explained.
He also predicted that Bitcoin will reach $1 million per coin in the future.
“Bitcoin’s supply is finite, with a predetermined inflation rate and an eventual end to mining. It’s here to stay, unlike fiat currencies, whose future remains uncertain,” Durov noted.
Durov, who was arrested in France last year on allegations of enabling illegal activities via Telegram, also discussed the blockchain project Telegram Open Network (TON). TON was designed to integrate blockchain technology into the messaging app.
He explained that at the time, Bitcoin and Ethereum lacked the scalability to support Telegram’s hundreds of millions of users.
“TON’s breakthrough was its inherent scalability through shardchain technology,” Durov highlighted.
Despite successfully developing the technology, Telegram couldn’t launch TON due to legal restrictions in the U.S. The project was later spun off and rebranded as The Open Network, now deeply integrated into Telegram’s ecosystem and becoming a popular platform for NFT transactions.
“TON is now one of the world’s largest blockchains in terms of daily NFT transaction volume,” Durov asserted.
The network’s native token, Toncoin (TON), reached an all-time high of $8.25 in mid-2024 but has since dropped over 67% from its peak.
In summary, Pavel Durov views Bitcoin as his personal financial savior and a symbol of the freedom he champions: a currency immune to government control or confiscation. Through TON, he continues to advance his vision of a decentralized ecosystem tied to Telegram, a platform he believes will play a crucial role in the upcoming blockchain era.
Source: Cointelegraph
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