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Messaging app Telegram founder and CEO Pavel Durov predicts that Bitcoin, the first and largest cryptocurrency by market capitalization, might reach $1,000,000.
BTC Prague, a Bitcoin-focused X account highlighted the Telegram CEO's Bitcoin one-million-dollar prediction in a recent tweet.
In a more than four hour conversation on Tuesday with podcaster Lex Fridman, Durov spoke extensively on various topics, including Bitcoin.
Durov believes that it will come to a point when Bitcoin is worth $1 million, given the trends. "The governments keep printing money like no tomorrow. Nobody’s printing Bitcoin. There is a predictable inflation and then it stops at a certain point. Bitcoin is here to stay. All the fiat currencies, remains to be seen," the Telegram founder said.
Bitcoin’s total supply is pegged at 21 million coins. The fixed supply means that BTC is designed to be scarce and cannot be diluted by inflation.
Durov: Bitcoin funds my lifestyle
Durov was an early supporter of cryptocurrencies, buying into Bitcoin early on and continuing to do so. The Telegram CEO responded to a question on his reasoning for buying Bitcoin: "Do you think Bitcoin will go to a million dollars? Do you think it’ll keep increasing, Bitcoin and all the other cryptocurrencies?"
Durov responded that he has been a big believer in Bitcoin since its inception, buying his first few thousand coins in 2013: "I was a big believer in Bitcoins since more or less the start of it. I got to buy my first few thousands of Bitcoin in 2013, and I didn’t care much."
The Telegram founder added that he bought at the "local maximum," which was around $700 per BTC, and "I just threw a couple of million there." A few people ridiculed him when the price went down to about $200 in the bear market that followed, but he told them, "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 calls Bitcoin the ultimate means of exchange, adding that this relates to cryptocurrencies in general. He further added: "So I have been able to fund my lifestyle, so to say, from my Bitcoin investment. Some people think if I’m able to rent nice locations or fly private, it’s because I somehow extract money from Telegram. Like I said, Telegram is a money losing operation for me personally. Bitcoin is something that allowed me to stay afloat."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team