Pavel Durov, founder and head of Telegram, defined that his private wealth doesn’t come from the messaging platform however from Bitcoin
$123,878.66
investments he made years in the past.
Talking with Lex Fridman in a podcast on September 30, he stated that his choice to spend money on cryptocurrency early has supported his way of life 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 number of million {dollars} within the asset. Later, the market crashed and the value fell beneath $200.
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He stated, “I’m not going to promote it. I imagine 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 while not having Telegram’s income. Durov famous:
Some individuals suppose if I’m in a position to lease good places or fly non-public, it’s as a result of I in some way 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 worthwhile. He predicted it might finally attain $1 million per BTC.
In contrast to conventional cash, Bitcoin has a set 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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