Pavel Durov’s Bitcoin Investments
Pavel Durov, the CEO and founder of the popular messaging platform Telegram, has revealed that his investments in Bitcoin have played a crucial role in maintaining his lifestyle, not the profits from Telegram itself. In a recent discussion on Lex Fridman’s podcast, Durov shared that he began investing in Bitcoin early on, acquiring his first several thousand coins back in 2013 when prices hovered around $700 per Bitcoin.
Conviction in Bitcoin
He recounted that despite facing skepticism when Bitcoin’s value plummeted below $200, he remained unperturbed, stating,
“I don’t care. I’m not going to sell it. I believe in this thing.”
This conviction stems from his belief in Bitcoin’s inherent security and inability to be confiscated or censored by authorities.
Financial Independence and Future Predictions
Durov elaborated on how his Bitcoin investments have allowed him financial independence, clarifying that despite public assumptions that his wealth came from Telegram, the platform has been a financial drain for him personally. He speculated that Bitcoin’s value could skyrocket to $1 million in the future, attributing this potential rise to excessive money printing by governments around the world and Bitcoin’s finite supply, which he argues gives it a predictable economic structure.
Telegram Open Network (TON)
In addition to his cryptocurrency investments, Durov touched upon the Telegram Open Network (TON), a blockchain initiative developed by Telegram that faced regulatory hurdles in the United States. Durov emphasized the need for scalability to accommodate millions of users, asserting that current blockchains like Bitcoin and Ethereum fall short in this aspect.
Although Telegram could not launch TON, it has evolved into a significant player in the NFT market and is integrated within the Telegram ecosystem. Durov noted that TON has rapidly become one of the leading blockchains in terms of daily NFT trading volumes. As of mid-2024, TON’s native currency, Toncoin, reached a peak price of $8.25 but has since seen a decline of over 67%.
