Telegram founder Pavel Durov has disclosed that his substantial personal wealth and lavish lifestyle are not derived from the messaging platform's revenue streams, but rather from early and strategic investments in Bitcoin. Durov acquired thousands of Bitcoin in 2013, when the cryptocurrency was priced at approximately $700 per coin. This foresight has enabled him to personally subsidize Telegram's operations, which maintained a loss-making status for over a decade by prioritizing user privacy over data monetization.
Despite significant market fluctuations, including Bitcoin's price reaching a peak of about $1132 in November and dropping below $200, Durov remained steadfast in his conviction, citing Bitcoin's resistance to censorship and confiscation as key aspects of its value. Telegram only achieved profitability in 2024, reporting $1.4 billion in revenue driven by more than 15 million paid subscribers and premium features, with a net profit of $540 million. In 2023, Telegram recorded a loss of $173 million. Durov's confidence in Bitcoin's long-term potential remains strong, with predictions that it could reach $1 million per coin, a forecast supported by its limited supply of 21 million coins and the inflationary nature of fiat currencies. It is estimated that by October 2025, owning about 2500 Bitcoins, bought for $1.75 million, would be worth more than $237 million.
Durov's financial strategy highlights the evolving role of cryptocurrencies as robust investment vehicles and stores of value, particularly within the technology sector. His approach demonstrates how early, high-risk investments in nascent technologies can yield substantial returns, allowing mission-driven ventures to sustain operations without compromising core principles. This is particularly relevant as the tech industry increasingly embraces cryptocurrency, fostering innovation and entrepreneurship through new platforms and services.
Further underscoring his engagement with digital assets is Durov's involvement with The Open Network (TON). TON, which originated from Telegram's blockchain project, was initially launched by the Durov brothers in 2018 as Telegram Open Network. However, due to legal issues with the US Securities and Exchange Commission (SEC), Telegram was forced to cease its participation in the project in 2020. The community of developers continued its development, renaming it The Open Network (TON) and releasing Toncoin. TON has emerged as a significant blockchain platform the network continues to develop with growing community support and integrations. In April 2024, TON integrated Tether (USDT). The TON network now hosts over 800 decentralized applications, has a market capitalization exceeding $13 billion, and is among the top 10 blockchains. The evolution of TON, from its initial conception by Telegram to its current community-driven status, exemplifies resilience and adaptability in the blockchain space.