The founder and CEO of messaging app Telegram, Pavel Durov, says Bitcoin (BTC) could one day reach a seven-figure price.
Durov says Bitcoin could rally by around 753% from the current level due to, among other things, current debasement.
“I believe it will come to a point when Bitcoin is worth $1 million. Just look at the trends. The governments keep printing money like [there’s] 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, [it] remains to be seen.”
Bitcoin is trading at $117,143 at time of writing.
Durov says Bitcoin has all the attributes of how “money should work” due to its permissionless and decentralized nature.
“Nobody can confiscate your Bitcoin from you. Nobody can censor you for political reasons. This is the ultimate means of exchange…”
Durov says he has been holding Bitcoin for about a decade now, having acquired his first BTC stash when it was trading at a three-figure price.
“I was a big believer in Bitcoins since, more or less, the start of it. I got to buy my first few thousand of Bitcoin in 2013, and I didn’t care much. I think I bought it at the local maximum. It’s something like $700 per Bitcoin. And I just threw a couple millions there.
And a lot of people after Bitcoin, later [the following] year, went down, somewhere close to $300, $200, started to express their sympathy to me. They say, ‘Oh, you’re a poor fellow. You made this horrible mistake investing in this new thing, but don’t feel bad about it. We still have some respect for you.’ And my response to them was, ‘I don’t care. I’m not going to sell it.’ I believe in this thing.”
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