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Telegram’s Pavel Durov Says Bitcoin, Not Telegram, Built His Fortune
- Pavel Durov’s wealth comes from Bitcoin since 2013; Telegram is a “money-losing operation”.
- He predicts Bitcoin could reach US$1 million (AU$1.51 million) due to its scarcity and fiat currency inflation.
- TON now ranks high in NFT trading volumes despite US regulatory hurdles; Toncoin peaked at US$8.25 (AU$12.47).
Telegram CEO Pavel Durov has credited Bitcoin, not his messaging platform, for establishing his financial base since 2013.
On the Lex Fridman Podcast, Durov explained how he acquired thousands of Bitcoin in 2013 at around US$700 (AU$1,058) per coin, spending several million dollars at the time. He described himself as an early believer in the cryptocurrency, holding onto his investment even when the price collapsed below US$200 (AU$302) shortly afterwards. Despite criticism from observers, Durov said he remained convinced of Bitcoin’s long-term value and never considered selling.
Durov dismissed suggestions that his fortune comes from Telegram, stressing instead that the app is financially unprofitable. He said Bitcoin appreciation has financed his ability to travel and live comfortably, describing the cryptocurrency as the factor that has kept him “afloat”.
According to Durov, Bitcoin’s appeal lies in its decentralised nature and protection against censorship or confiscation. He forecast that the price could eventually hit US$1 million (AU$1.51 million), pointing to its limited supply and the contrasting expansion of fiat currencies by governments.
Related: Tether Bolsters Bitcoin Reserves with $1B Acquisition, Nears 110K BTC Holdings
Navigating Regulatory Hurdles with TON
The discussion also covered The Open Network, Telegram’s blockchain project. Developed in 2018 and 2019 but halted in the United States because of regulatory pressure, TON has since evolved into an active network with growing NFT trading activity. Durov highlighted its design features, particularly scalability through shardchains, as critical to supporting Telegram’s large user base. Toncoin, the blockchain’s native currency, reached US$8.25 (AU$12.47) in 2024 before losing more than two-thirds of its value.
For Durov, Bitcoin has provided the foundation for his wealth, while TON represents a technological expansion within Telegram’s wider platform.
Related: Chainlink, UBS, and Swift Pilot Bridges Banks to Blockchain with Onchain Fund Transactions
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
