Russian Tech genius and Founder of VK and telegram is a bitcoin supporter, he recently said in an Interview that he bought 2000 bitcoins in 2013 at the price of $750 per bitcoin, at that point of time it was worth $1.5 million, which is now worth more than $35 million.
Durov who has moved to Dubai and has a new office on the 23rd floor of a skyscraper in Dubai Media City earlier said that the arrival of Bitcoin is a chance for the global financial system to exit from the US hegemony.
He called Bitcoin “Digital Gold” and said that he is very optimistic about the crypt currency in future.
Pavel Valeryevich Durov is a Russian entrepreneur who is best known for being the founder of the social networking site VK, and later the Telegram Messenger. He is the younger brother of Nikolai Durov. Since being dismissed as CEO of VK in 2014,the Durov brothers have traveled the world in self-imposed exile, as citizens of Saint Kitts and Nevis. In 2017 Pavel joined the World Economic Forum (WEF) Young Global Leaders as a representative of Finland.
Investment in Bitcoin
Pavel mentioned that he bought 2000 bitcoins in 2913, when the price of one bitcoin was at the level of $750, price dipped below after that but he held his bitcoins even at that difficult time, and now that investment is certainly paying off turning that investment of $1.5 million into $35 million and counting.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share