Telegram’s founder, Pavel Durov, has revealed that his personal wealth originates not from the messaging app itself, but from early investments in Bitcoin
In a recent interview with Lex Fridman, available on YouTube, which took place on September 30th, Durov stated that his early foray into the cryptocurrency market has provided him with ongoing financial support.
Around 2013, Durov invested a few million dollars, procuring thousands of Bitcoins priced around $700 apiece. He explained that at the time, this wasn’t a meticulously planned strategy, but simply an allocation of funds into the digital asset. Subsequently, the market experienced a downturn, causing the price to plummet below $200.
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He affirmed his conviction, stating, “I’m holding onto it because I have faith in its potential.” Durov emphasized Bitcoin’s independence from governmental control and its ability to resist censorship as primary reasons for his belief.
He clarified that this investment grants him a degree of personal financial freedom, independent of Telegram’s revenue streams. Durov commented:
Some people mistakenly believe that my ability to afford luxurious accommodations and private air travel is somehow funded by Telegram’s profits.
Durov also put forth the idea that as government-backed currencies continue to be printed, Bitcoin’s inherent limited supply will likely increase its value significantly. His projection is that the price of one BTC could eventually surge to $1 million.
Unlike traditional forms of currency, Bitcoin operates with a pre-defined and unchangeable issuance schedule, ensuring that its quantity cannot be arbitrarily increased. Durov views this as establishing a solid foundation for a more stable and predictable financial future.
Michael Saylor recently shared his insights on Bitcoin’s projected trajectory through 2025. Want to know more about his predictions? Read our complete coverage.