According to Cointelegraph, Telegram founder and CEO Pavel Durov revealed his early investment in Bitcoin, which has significantly influenced his financial stability. In a conversation on Lex Fridman's podcast, Durov shared that he became a Bitcoin enthusiast early on, purchasing his first few thousand Bitcoins in 2013 when the price was around $700 per BTC. Despite facing criticism when Bitcoin's value plummeted below $200 during a subsequent bear market, Durov remained steadfast in his belief in the cryptocurrency's potential. He emphasized the decentralized nature of Bitcoin, highlighting its resistance to confiscation and censorship.
Durov explained that his Bitcoin holdings have been instrumental in maintaining his lifestyle, countering assumptions that his wealth stems from Telegram's operations. He described Telegram as a financially draining venture for him personally, with Bitcoin providing the necessary support to "stay afloat." Durov expressed confidence in Bitcoin's future, predicting its value could reach $1 million as governments continue to print money. He noted Bitcoin's predictable inflation and finite supply as key advantages over fiat currencies.
The discussion also touched on the Telegram Open Network (TON), a blockchain project initiated by Durov in 2018 and 2019. Despite its technological advancements, including scalability through shardchains, regulatory challenges in the United States prevented its launch. The project, now known as The Open Network, remains integral to Telegram's ecosystem and has gained traction in the non-fungible token (NFT) market. Durov highlighted that TON has become one of the largest blockchains in terms of daily NFT trading volumes. However, its native token, Toncoin (TON), experienced a significant decline, falling over 67% from its peak value of $8.25 in mid-2024.
Anais
