Pavel Durov, founder and head of Telegram, defined that his private wealth doesn’t come from the messaging platform however from Bitcoin
$117,527.62
investments he made years in the past.
Talking with Lex Fridman in a podcast on September 30, he mentioned that his choice to put money into cryptocurrency early has supported his life-style ever since.
In 2013, Durov purchased a number of thousand Bitcoins at round $700 every. On the time, he didn’t view it as a calculated choice, as he had merely invested a couple of million {dollars} within the asset. Later, the market crashed and the value fell under $200.
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He mentioned, “I’m not going to promote it. I consider on this factor”. He pointed to Bitcoin’s independence from governments and its safety towards censorship.
He defined that the choice allowed him to get pleasure from sure luxuries with no need Telegram’s income. Durov famous:
Some individuals assume if I’m in a position to hire good areas or fly personal, it’s as a result of I one way or the other extract cash from Telegram.
Durov additionally argued that as governments proceed to create extra fiat foreign money, Bitcoin’s shortage will make it more and more helpful. He predicted it might finally attain $1 million per BTC.
Not like conventional cash, Bitcoin has a hard and fast provide schedule, and nobody can create extra at will. For Durov, this establishes a long-term basis for the monetary system.
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