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Kevin Durant’s Coinbase Password Mishap
NBA star Kevin Durant has forgotten his Coinbase Global, Inc. (NASDAQ:COIN) password, but this oversight turned out to be a surprising advantage.
Early Bitcoin Investments
Durant began investing in Bitcoin (CRYPTO: BTC) back in 2016 during his time with the Golden State Warriors, and he still hasn’t regained access to his account, according to CNBC.
Curiosity Sparked by Teammates
His business partner and agent, Rich Kleiman, revealed that Durant became intrigued by cryptocurrency after a dinner conversation with teammates who were enthusiastic about it.
Significant Gains Since 2016
The following day, they began buying Bitcoin, which was trading between $360 and $1,000 at the time. Today, Bitcoin is valued at around $116,000, representing an astonishing increase of over 11,000%.
An Unexpected Advantage
Interestingly, being unable to access Durant’s Coinbase account has proven to be beneficial. Kleiman pointed out during CNBC’s Game Plan conference that they have actually never sold any bitcoin due to this issue, and its value has skyrocketed.
Pursuing Resolution with Coinbase
Although other investors might worry about being locked out, Durant’s team views it as a “forced holding.” Kleiman stated that they are actively in touch with Coinbase to resolve a “user error” that is blocking account access. On top of that, Durant and Kleiman maintain a positive relationship with Coinbase, having partnered with them through Thirty Five Ventures in 2021.
Key Takeaways
Coinbase reminded CNBC that users usually can reset passwords using its built-in tools, and the platform offers continuous support for more complex issues. Durant’s experience underscores the challenges of lost login information, while also highlighting the benefits of long-term investing without the temptation to sell.
