Quick overview

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Pavel Durov, the founder and CEO of the messaging app Telegram, claimed he bought Bitcoin when it was still a young cryptocurrency and has since used his holdings to support his life.

 

“I have been a strong supporter of Bitcoin since its inception. The Russian tech entrepreneur stated on Tuesday’s episode of Lex Fridman’s podcast, “I got to buy my first few thousand Bitcoin in 2013, and I didn’t care much.”. “I just threw a couple of million there,” he continued, adding that he purchased at the “local maximum,” which was approximately $700 per Bitcoin.

When Bitcoin crashed below $200 in the ensuing bear market, some people made fun of him, but he responded, “I don’t care.” “I refuse to sell it.”. I think this is true. This, in my opinion, is how money ought to operate. Your Bitcoin cannot be taken away from you. You cannot be censored for political reasons by anyone. “

According to Durov, he has funded his lifestyle with his Bitcoin investment. “Some people assume that the reason I can fly private or rent nice locations is because I somehow take money from Telegram,” he said. As I previously stated, Telegram is a financial loss for me. One thing that helped me stay afloat was Bitcoin. He said that because governments are “printing money like no tomorrow,” “it will come to a point when Bitcoin is worth $1 million.”. “Nobody is printing Bitcoin,” he declared, adding that it will eventually cease production and have predictable inflation. “Bitcoin will always exist. We have yet to see all of the fiat currencies.

Durov, who was detained in France a year ago and accused of aiding criminal activity by Telegram users, also spoke the Telegram Open Network, which was created in 2018 and 2019 to give the messaging app a blockchain service.