Telegram founder and CEO Pavel Durov disclosed that he has relied on his early bitcoin funding to take care of his life-style, slightly than extracting funds from Telegram.
Early bitcoin conviction
Durov defined on the Lex Fridman podcast that he bought a number of thousand bitcoin in 2013 at round $700 every, investing just a few million {dollars}.
Regardless of a subsequent worth crash to under $200, Durov remained unfazed.
He recounted his mindset on the time:
“I’m not going to promote it. I imagine on this factor. I feel that is the way in which cash ought to work. No person can confiscate your Bitcoin from you. No person can censor you for political causes.”
Bitcoin as a monetary lifeline
Durov clarified that his private wealth doesn’t come from Telegram, calling the messenger a “money-losing operation” for him. He credited bitcoin for his monetary stability:
“Bitcoin is one thing that allowed me to remain afloat.”
He predicted that governments’ ongoing cash printing may ultimately push bitcoin to $1 million, noting:
“No person’s printing Bitcoin.”
Durov additionally talked about bitcoin’s predictable inflation and capped provide as core strengths, saying:
“Bitcoin is right here to remain. All of the fiat currencies stay to be seen.”