Pavel Durov, the CEO and founder of messaging app Telegram, says that he bought Bitcoin in 2008 when it was still in its early stages and used those holdings ever since to finance his lifestyle.
“I was a big believer in Bitcoin since more or less the start of it. I got to buy my first few thousand Bitcoin in 2013, and I didn’t care much,” Russian technology entrepreneur said Lex Fridman podcast Tuesday.
The store where he purchased the goods was mentioned. “local maximum,” It was about $700 for each BTC. “I just threw a couple of million there.”
Some people laughed at him after Bitcoin’s price dropped.BTCThe price plummeted to less than $200, and he said, “I don’t care.”
“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 helps Durov “stay afloat”
Durov claimed that his Bitcoin investments have been used to finance his lifestyle. “Some people think if I’m able to rent nice locations or fly private, it’s because I somehow extract money from Telegram,” He said.
“Like I said, Telegram is a money-losing operation for me personally. Bitcoin is something that allowed me to stay afloat.”
He was right to predict that “it will come to a point when Bitcoin is worth $1 million” The government “printing money like no tomorrow.”
“Nobody’s printing Bitcoin,” He said that it had been added. predictable inflation At some point, the production will cease. “Bitcoin is here to stay. All the fiat currencies remain to be seen.”
Durov on TON
Durov is a man who has been accused of being arrested a year ago In France, charged with Telegram Open Network was also mentioned as a way to facilitate crimes by Telegram users. It developed the network in 2018 and 2019, which is essentially a blockchain that can be used for messenger services.
Related: French officials pressured Telegram to censor Moldova election posts: Durov
Bitcoin, Ether and other cryptocurrencies (ETH) were “not scalable enough to cope with the load that our hundreds of millions of users would create.”
This innovation is based on inherent scaling through “shardchains,” “, he added. Telegram, however, was not able to release the app due regulatory limitations in the US, even though the tech had been developed successfully.
The Open Network is deeply embedded within the Telegram ecosystem, and it has gained momentum in terms of non-fungible Tokens (NFTs).
“TON has become, I think, the largest or the second largest blockchain in terms of daily NFT trading volumes.”
Toncoin, the network’s native currency (TONThe price of a pound (£) reached an all-time peak at $8.25 by mid-2024, but it has fallen 67% since then.
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Source: cointelegraph.com
