Bitcoin News Today: Bitcoin vs. Fiat: Durov's Bet on Decentralized Future

Pavel Durov, founder of the messaging app Telegram, has revealed that his Bitcoin investments-purchased in 2013-have funded his lifestyle and enabled the platform's independence from venture capital. In a recent interview with Lex Fridman, Durov disclosed that he acquired thousands of Bitcoin at $700 per BTC during the cryptocurrency's early stages, a decision he described as a "local maximum." Despite subsequent price volatility, including a drop below $200 in 2017, Durov remained steadfast, emphasizing Bitcoin's role as a decentralized asset that cannot be censored or seized.

Durov clarified that Telegram, which he described as a "money-losing operation," does not generate personal income for him. Instead, his Bitcoin holdings have allowed him to maintain financial independence, funding expenses such as private travel and high-end rentals. "I'm not going to sell it," he stated, reiterating his belief in Bitcoin's long-term value proposition. Durov predicted that Bitcoin could reach $1 million due to its fixed supply and the inflationary policies of fiat currencies, contrasting it with traditional financial systems.

The CEO's remarks align with his broader vision for decentralized technology. Durov highlighted the limitations of existing blockchains like Bitcoin and Ethereum in scaling for Telegram's 800 million users, leading to the development of the Telegram Open Network (TON). However, regulatory challenges in the U.S. delayed its launch. TON, now rebranded as The Open Network, has since gained traction in NFT trading and supports Telegram's recent ad revenue-sharing program, which pays channel owners in Toncoin (TON).

Durov's financial strategy underscores his commitment to autonomy. During an interview with Tucker Carlson, he noted that he holds hundreds of millions of dollars in Bitcoin and fiat, but avoids luxury assets like real estate or yachts. "I don't think this lifestyle is for me," he said, emphasizing his focus on Telegram's mission to provide secure communication. His net worth, estimated at $17.5 billion in 2023, includes Bitcoin, Toncoin, and Telegram equity.

Looking ahead, Durov remains optimistic about Bitcoin's role in reshaping finance. He criticized governments for "printing money like no tomorrow" and argued that Bitcoin's predictable inflation model ensures its resilience against devaluation. "Bitcoin is here to stay. All the fiat currencies remain to be seen," he asserted. The CEO's insights reflect a broader narrative of institutional skepticism toward centralized financial systems, with Bitcoin positioned as a counterbalance.