Key Takeaways:
- Pavel Durov disclosed he bought thousands of Bitcoin in 2013 at around $700 each, using the investment to fund his personal life.
- He affirmed Bitcoin’s principles of censorship resistance and financial sovereignty, calling it a lasting and trustworthy monetary system.
- Durov explained Telegram’s blockchain, TON, was created for scalability, and although Telegram no longer runs it, the network is thriving independently.
Telegram founder and CEO Pavel Durov revealed that his personal wealth has been sustained by Bitcoin rather than Telegram.
Speaking on Lex Fridman’s podcast, Durov said he bought several thousand Bitcoin in 2013 at around $700 each, investing a few million dollars at the time.
Even when the price later fell below $200, he remained confident, describing Bitcoin as censorship-resistant and beyond government control.
He emphasized that his lifestyle – including renting luxury properties and private travel – was funded through Bitcoin, while Telegram has consistently lost him money.
Durov praised Bitcoin’s fixed supply and predictable inflation, saying it represents money that cannot be printed at will, unlike fiat currencies.
The discussion also touched on The Open Network (TON), a blockchain Telegram developed between 2018 and 2019 after concluding that Bitcoin and Ethereum lacked scalability for Telegram’s massive user base.
TON introduced innovations like shardchains, but was shelved by Telegram due to U.S. regulatory pushback.
Today, TON thrives as a community-led project, deeply integrated into Telegram’s ecosystem, with Durov noting its significant role in NFT trading volumes.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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