Telegram’s Durov believes Bitcoin will reach $1 million

Telegram founder and owner Pavel Durov is convinced Bitcoin will eventually sell for $1 million a coin, while the future of fiat currencies is not that certain.

In an interview for Lex Fridman’s podcast, the tech entrepreneur discussed a number of topics around him, including his troubles with governments, freedom of speech, and the right to privacy.

Durov bought Bitcoin early and kept buying

Pavel Durov admitted he has been a big believer in Bitcoin since almost the very beginning of the leading cryptocurrency. He got his first bitcoins in 2013, at that time’s peak of $700, when he “just threw a couple of millions there.”

When the following year, Bitcoin fell to around $300, he “didn’t care too much” and wasn’t going to sell anyway:

“Nobody can confiscate your Bitcoin from you. Nobody can censor you, for political reasons. This is the ultimate means of exchange.”

The Russian-born businessman revealed his Bitcoin investment, and not his Telegram business, helped him fund his lifestyle.

“Telegram is a money-losing operation for me personally. Bitcoin is something that allowed me to stay afloat,” he stated, adding:

“And I believe it will come to a point when Bitcoin is worth $1 million.”

Durov suggested reading the trends: “Governments keep printing money like no tomorrow,” he pointed out, noting that at the same time, Bitcoin has a predictable inflation which stops at a certain point.

He was positive Bitcoin is here to stay, while it remains to be seen whether this will be the case with all the fiat currencies in existence today.