TLDR
- Pavel Durov invested in Bitcoin in 2013 and used it to fund his lifestyle.
- Durov explained that Telegram has not been financially profitable for him.
- He predicted Bitcoin’s value could reach $1 million due to global inflation.
- Durov emphasized Bitcoin’s decentralized nature and resistance to political censorship.
- Telegram’s blockchain project, TON, faced regulatory hurdles that prevented its launch.
Pavel Durov, founder and CEO of messaging app Telegram, discussed how his Bitcoin investments funded his lifestyle. He revealed that he purchased Bitcoin in its early days and has since used those holdings to support his personal expenses. Durov shared these insights during his appearance on Lex Fridman’s podcast this week.
Telegram CEO Relies on Bitcoin for Wealth
Pavel Durov’s Bitcoin journey began in 2013 when he invested in the cryptocurrency. He explained that he bought a few thousand Bitcoin at around $700 each. Despite the market’s downturn and Bitcoin’s price falling below $200, Durov held onto his investment, stating, “I don’t care. I believe in this thing.”
He remained steadfast in his belief in Bitcoin’s potential. Durov emphasized that Bitcoin’s decentralized nature meant no one could confiscate it from him. Additionally, he mentioned Bitcoin’s resistance to political censorship as another key factor that drew him to the cryptocurrency.
Durov clarified that Telegram, his primary business, is a “money-losing operation” for him personally. He pointed out that the wealth he has used to fund his lifestyle does not come from Telegram’s earnings. Instead, it was his Bitcoin investment that enabled him to maintain his lifestyle, which includes renting luxurious properties and flying privately.
In his words, some people mistakenly believe he funds his lifestyle through Telegram. However, he revealed that Telegram does not provide the financial support needed for his personal expenses. His Bitcoin holdings were a trustworthy source of his wealth.
Durov Predicts Bitcoin Will Reach $1 Million
Looking ahead, Pavel Durov expressed confidence that Bitcoin’s value will continue to rise. He predicted that Bitcoin could eventually reach a price of $1 million per coin. According to Durov, this rise will occur due to global governments “printing money like no tomorrow.”
Durov explained that while fiat currencies are subject to inflation, Bitcoin’s supply is finite. He believes Bitcoin has a predictable inflation rate and will eventually stop being produced altogether. Durov’s conviction in Bitcoin’s future as a stable store of value remains unwavering.
Durov also discussed Telegram’s blockchain project, initially called the Telegram Open Network (TON). He explained that while Bitcoin and Ether are “not scalable enough,” the TON blockchain could have handled Telegram’s vast user base. However, Telegram was unable to launch the network due to regulatory restrictions in the United States.
Despite this setback, Durov revealed that TON has evolved into The Open Network. This blockchain now plays a major role in Telegram’s ecosystem, particularly with non-fungible tokens (NFTs). He stated that TON has become one of the largest blockchains for daily NFT trading volumes.
