Telegram founder has held Bitcoin for 10 years and reveals why he “doesn’t buy a house at all”
Since its launch in 2013, the number of users of Telegram (often called Telegram), a commonly used communication software in the currency circle, has continued to rise. As of March 2024, it has 900 million users.
Telegram founder Pavel Durov recently not only revealed to foreign media that he was considering an IPO, but also revealed in an interview with American reporter Tucker Carlson that in the past 10 years, he has held hundreds of millions of dollars worth of fiat currency and Bitcoin.
When Carson asked why Telegram did not accept venture capital investment, Durov responded that he wanted to maintain the company's independence and mentioned that money was not an issue:
"From 10 years ago to now, I have hundreds of millions of dollars in bank deposits and Bitcoin, but I have not used the money to do anything. I don't have real estate, planes or yachts, so I don't think this method is not suitable for me. I prefer to focus on Things to do through Telegram.”
He later added: “I’d rather make a decision that affects the way a billion people communicate than pick the color of a chair in my house that only me and my relatives (or friends) can see.”
Durov did not disclose the specific number of Bitcoins he holds, but according to foreign media reports, as of 2023, he is worth as much as $17.5 billion, and his assets include Bitcoin, Telegram stocks and a small amount of Toncoin ($TON).
He also once revealed that he spent $1.5 million to buy 2,000 Bitcoins 10 years ago, which are currently worth $60 million. But he did not disclose whether he had sold or added to his holdings during the past 10 years.
The Telegram blockchain project once raised $1.7 billion, but was blocked by the US SEC
Telegram launched the public blockchain project TON ($GRAM) in 2017 and raised US$1.7 billion in private placements in 2018. However, it encountered a heavy blow from the U.S. Securities and Exchange Commission (SEC) and had to abandon the project.
Subsequently, community developers took over the development of the TON blockchain and changed its name to The Open Network (TON). The token it issued is Toncoin ($TON), which currently ranks ninth in market value.
In addition to the initial attempted token issuance, Durov also revealed that the FBI had previously attempted to convince Telegram engineers to install backdoors to spy on users of the software. However, Durov is still optimistic about the future of communication privacy, and predicts that there may be new secure hardware communication devices (similar to cryptocurrency cold wallets) in the future for more secure communication.
Telegram is committed to communication privacy
Durov and his brother Nikolai are Russians and had previously co-founded the Russian version of Facebook "VK". Due to political factors in Russia, he and his brother experienced several crisis moments. For example, armed police once tried to break into their home because they refused to use VK to sanction opposition groups.
Later, they founded Telegram, with Nikolai, a cryptography expert, responsible for developing encrypted messaging technology, and Durov responsible for user interface design. Durov claims Telegram has attracted 900 million users since its launch without spending any money on advertising.
