Bitcoin traded near $124,900 this week after comments from Telegram founder Pavel Durov drew attention back to its long-term potential. Speaking on the Lex Fridman Podcast, Durov said he believes Bitcoin could eventually reach $1 million per coin, citing its fixed supply and independence from government control as key advantages.
His remarks come at a time when investors are reassessing Bitcoin’s role as an alternative to inflation-prone fiat currencies.
Scarcity and Early Conviction Drive Bullish Outlook
Durov said he became an early Bitcoin investor in 2013, buying several thousand coins at around $700 each. Even after steep market declines — including a drop below $200 — he chose to hold, describing Bitcoin as “digital gold.”
He said its appeal lies in its independence: no central authority can seize or censor it, and its supply is permanently limited to 21 million coins.
This scarcity remains central to Bitcoin’s value proposition. Increasingly, institutional investors share this view, treating BTC as a hedge against monetary expansion and weakening fiat currencies. Durov’s experience illustrates that perspective.
He credits his Bitcoin holdings, rather than Telegram’s profits, for giving him the freedom to operate globally and independently. This position reinforces why many see Bitcoin as more than a speculative asset.
Macro Trends Support the $1 Million Thesis
Durov linked his $1 million Bitcoin projection to broader economic forces, particularly the long-term effects of expansive monetary policy. He argued that as governments continue to increase money supply to manage debt and stimulate growth, assets with fixed supply — like Bitcoin — stand to benefit.
“I think this is how money should work,” he said. “Nobody can confiscate your Bitcoin, and nobody can censor you for political reasons.”
Here's my 4+ hour conversation with Pavel Durov (@durov), founder and CEO of Telegram. This was one of the most fascinating and powerful conversations I've ever had in my life.
We discuss everything from his philosophy on freedom to government bureaucracies, intelligence… pic.twitter.com/DDBTnE7A2t
— Lex Fridman (@lexfridman) September 30, 2025
His view aligns with a growing sentiment among investors who see Bitcoin as a safeguard against currency erosion. With inflation pressures persisting and global debt levels rising, Bitcoin’s decentralized and finite structure provides a contrast to traditional systems that rely on central banks.
Market reaction to Durov’s comments has been steady. Bitcoin’s ability to hold above $124,000 reflects continued institutional demand, despite short-term volatility persisting.
For many, his remarks reinforce a longer-term narrative: that Bitcoin’s value is increasingly tied to its role as a counterweight to monetary excess rather than a short-lived speculative cycle.
Bitcoin Technical Analysis: Bearish Butterfly Nears Reversal Zone
On the technical front, Bitcoin remains firmly in an uptrend, with price action continuing to follow the rising trendline that has defined October’s advance.
The structure of higher highs and higher lows points to steady accumulation, while the 50-day and 100-day simple moving averages — at $114,186 and $107,586 — provide clear dynamic support beneath the market.
Bitcoin Price Chart – Source: Tradingview
The chart shows a Bearish Butterfly harmonic pattern approaching its Potential Reversal Zone (PRZ) between $128,000 and $130,000. Meanwhile, the Relative Strength Index (RSI) near 73 signals mildly overbought conditions, hinting at a short-term pause or pullback before any renewed push higher.
As long as Bitcoin holds above $124,600, a move toward the $130,000 area remains likely. A clean breakout beyond that range would invalidate the bearish setup and potentially open a path toward $160,000 in the medium term.
#Bitcoin consolidates near $125K as the Bearish Butterfly pattern nears its reversal zone at $128K–$130K. RSI hovers near 73, signaling short-term caution but sustained strength. A breakout above $130K could invalidate the pattern and open the path toward $160K. pic.twitter.com/ID1288MTiZ
— Arslan Ali (@forex_arslan) October 7, 2025
At this stage, Bitcoin’s ability to hold above key support levels suggests consolidation rather than exhaustion. Combined with growing institutional inflows and renewed market optimism following Durov’s remarks, the broader outlook for Q4 2025 remains skewed to the upside.
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