Telegram CEO Pavel Durov revealed that his early Bitcoin investment has sustained his lifestyle for over a decade. Speaking on Lex Fridman’s podcast, the tech entrepreneur explained how buying thousands of Bitcoin in 2013 at around $700 per BTC became a life-changing decision.
Early Bitcoin Bet at $700
Durov said he became a believer in Bitcoin when the cryptocurrency was still in its infancy. In 2013, he bought “a few thousand Bitcoin” at what he described as the “local maximum,” around $700 each.
“I just threw a couple of million there,” Durov recalled, adding that critics mocked him when Bitcoin later crashed below $200 during the following bear market. But he refused to sell.
“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,” he said.
Bitcoin as a Lifeline
According to Durov, it is Bitcoin—not Telegram—that funds his personal expenses.
“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 also predicted a long-term surge for Bitcoin, forecasting a price of $1 million per BTC as governments continue “printing money like no tomorrow.”
“Nobody’s printing Bitcoin,” Durov emphasized, pointing to the cryptocurrency’s fixed supply and predictable inflation. “Bitcoin is here to stay. All the fiat currencies remain to be seen.”
The Open Network (TON) Vision
Durov also discussed Telegram’s blockchain ambitions. In 2018–2019, the company developed the Telegram Open Network (TON) to address scalability issues that he believed Bitcoin and Ethereum could not solve.
The network introduced “shardchains” for scalable performance, but regulatory pressure in the United States prevented Telegram from launching it at the time. Today, the project lives on as The Open Network (TON), which has become deeply integrated into the Telegram ecosystem.
According to Durov, TON is now a major player in NFT markets: “TON has become, I think, the largest or the second largest blockchain in terms of daily NFT trading volumes.”
Its native token, Toncoin (TON), surged to an all-time high of $8.25 in mid-2024 before dropping over 67%. Despite the decline, TON continues to see strong adoption across the Telegram community.
Bitcoin and TON Shape Telegram’s Future
While Telegram itself remains a money-losing venture for Durov, his Bitcoin holdings have provided financial independence. Meanwhile, TON’s growth highlights Telegram’s lasting influence on the blockchain and cryptocurrency space.
As Bitcoin adoption expands and TON strengthens its role in NFTs and blockchain infrastructure, Durov remains confident in his early bet on digital assets.
