Bitcoin Holdings Funded My Way of life Since 2013

Telegram founder and CEO Pavel Durov disclosed that he has relied on his early bitcoin funding to keep up his way of life, somewhat 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 a couple of million {dollars}.

Despite a subsequent worth crash to under $200, Durov remained unfazed.

He recounted his mindset on the time:

“I’m not going to sell it. I believe in this thing. I think this is the way money should work. Nobody can confiscate your Bitcoin from you. Nobody can censor you for political reasons.”

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 something that allowed me to stay afloat.”

He predicted that governments’ ongoing cash printing might ultimately push bitcoin to $1 million, noting:

“Nobody’s printing Bitcoin.”

Durov additionally talked about bitcoin’s predictable inflation and capped provide as core strengths, saying:

“Bitcoin is here to stay. All the fiat currencies remain to be seen.”