Telegram founder relies on Bitcoin for a living? Pavel Durov: Telegram has always been a money-losing business

Telegram founder and CEO Pavel Durov recently revealed in Lex Fridman's podcast that he has been supporting his living expenses with thousands of Bitcoins purchased in 2013, rather than the income from Telegram. He even joked that the latter is a money-losing venture.

Early Heavy Investment in Bitcoin: From Being Ridiculed by Everyone to Being Envied by Everyone

Durov stated in an interview that he invested millions of dollars in Bitcoin in 2013, when the price was around 700 dollars per coin. He admitted that he bought in at a "local high point," after which the price of the coin plummeted to below 200 dollars, and he was mocked by others.

The trend of Bitcoin from the beginning of 2013 to the end of 2017 did indeed reach a local peak at the end of 2013.

He emphasized: "I have been a loyal follower of Bitcoin since its inception. I bought my first few thousand Bitcoins in 2013, and I didn't pay much attention at that time."

I will not sell it, I believe in this thing, because this is how money should work. No one can confiscate your Bitcoin, and no one can censor you for political reasons.

Durov's belief is firm and unwavering, and today this early investment has become the key that allows him to sustain his life and develop the privacy communication software Telegram.

Durov: Telegram is a losing business, it is Bitcoin that supports me.

Facing frequent external doubts about Durov's luxurious lifestyle, which relies on the income brought by Telegram, he frankly stated that Telegram is a "losing" business for him:

Telegram has been a long-term loss for me, while Bitcoin is what allows me to make a living.

He stated that the external perception of him frequently traveling to various countries or taking private jets is all supported economically by Bitcoin.

Bitcoin aiming for a million dollars? "Endless money printing" becomes a booster again

Facing the future trend of Bitcoin prices, Durov holds a strong optimistic attitude. He believes that the crazy money printing by global governments will drive the price of Bitcoin up to 1 million dollars.

He emphasized: "The supply of Bitcoin is fixed and has a predictable inflation model, with the eventual issuance approaching zero."

Bitcoin is eternal, while the longevity of fiat currency remains to be seen.

Trader Eugene warns: market buy orders are weak, BTC and ETH are likely to drop to $100,000 and $3,400 levels.

Challenges and Opportunities of TON

Speaking of the self-owned chain The Open Network (TON), Durov pointed out that Bitcoin and Ethereum lack scalability to support the scale of Telegram's hundreds of millions of users, so the team developed the network from 2018 to 2019, but was unable to launch it immediately due to regulatory pressure from the United States.

Subsequently, Durov faced a prison disaster in France, and Telegram has long been labeled as involved in criminal activities, which has cast a shadow of uncertainty over TON.

(Telegram Storm: Pavel Durov still has a year before entering trial, TON crypto communication empire in turmoil )

Today, the close integration of the TON ecosystem with the Telegram system brings Durov comfort: "I believe that TON has become the largest or second largest blockchain in terms of daily NFT trading volume."

However, returning to the coin price, its token Toncoin once reached a high of $7.7 in 2024, and has now collapsed by over 70%.

Learn "HODL" from Durov

For Durov, Telegram is not a money-making business, but a form of self-fulfillment. What truly keeps him alive is the gamble on Bitcoin that he has steadfastly held for the past decade.

Today, as the price of Bitcoin rises, perhaps in the turbulent cryptocurrency market, recognizing long-term value, as well as having firm belief and vision, is the strongest capital.

This article discusses whether Telegram founder Pavel Durov relies on Bitcoin for his livelihood: Telegram has always been a loss-making business. It first appeared on Chain News ABMedia.