Pavel Durov Recently Revealed That Bitcoin, Not Telegram, 'Funded' His Lifestyle And Helped Him Stay 'Afloat': 'I Believe In This Thing'

Telegram founder Pavel Durov has amassed a multibillion-dollar fortune, but few know it was largely made possible by his Bitcoin BTC/USD investments.

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The Early Believer

During a podcast with Lex Fridman that aired Oct. 1, Durov shared his early investment journey into the world’s leading cryptocurrency.

“I got to buy my first few thousand of Bitcoin in 2013, and I didn’t care much,” Durov revealed. “It’s something like $700 per Bitcoin, and I just threw a couple of millions there.”

Bitcoin, Not Telegram, Funded Durov’s Lifestyle

Durov recalled Bitcoin plunging to around $200-$300 the following year and how some people started to sympathize with him for his “horrible mistake” of investing in the asset.

‘”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,” Durov responded.

The social media mogul disclosed that it was Bitcoin that funded 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. But like I said, Telegram is a money-losing operation for me personally,” Durov remarked. “Bitcoin is something that allowed me to stay afloat.”

BTC To $1 Million?

Durov was optimistic that the apex digital asset would hit $1 million someday, owing to its limited supply and fiat money printing.

He added that the fixed issuance makes the asset the “ultimate means of exchange” because it cannot be censored or confiscated.

Details about Durov’s Bitcoin holdings remain unclear. Benzinga reached out to him, and the story will be updated when he responds.

Russian-born Durov founded messaging app Telegram in 2013, which currently has more than 1 billion monthly active users globally. Forbes estimates his net worth at over $17 billion.

It was revealed last year that a significant 40% of Telegram's total revenue is generated from its cryptocurrency services, which include a digital wallet for crypto coins and a platform for selling digital collectibles.

Price Action: At the time of writing, BTC was exchanging hands at $122,160.09, up 0.25% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Ahyan Stock Studios on Shutterstock.com

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