A “forgotten” digital asset
Kevin Durant, NBA star and currently with the Houston Rockets, finds himself at the center of a curious and, in some ways, fortunate situation in the world of cryptocurrencies.
For years, Durant has been unable to access his account on Coinbase, the well-known digital asset trading platform, where he holds an unspecified amount of bitcoin purchased in 2016. An error that, paradoxically, has turned into a significant economic advantage.
The investment born by chance
It all began in 2016, when Durant was wearing the Golden State Warriors jersey. During a dinner with teammates, the word bitcoin was mentioned so many times that the athlete and his agent, Rich Kleiman, decided to delve deeper and start investing.
“I heard the word ‘bitcoin’ 25 times that evening, and the next day we started buying,” Kleiman recounted during the CNBC Game Plan conference in Los Angeles.
At the time, bitcoin fluctuated between 360 and 1,000 dollars, according to CoinGecko data. Today, the leading cryptocurrency is traded at nearly 116,000 dollars, with a growth exceeding 11,000% compared to the peak price of that year.
An increase that makes Durant’s position particularly interesting, especially considering that, due to access issues, he has never sold anything.
The mistake that turned into fortune
For some years, Durant and his agent have been unable to recover the credentials for the Coinbase account.
“We still haven’t been able to track down the account information, so we’ve never sold anything, and this bitcoin has just skyrocketed,” explained Kleiman. “It’s just a process we haven’t been able to figure out, but bitcoin keeps going up… so, I mean, it has only benefited us.”
The situation, which for many would be a source of anxiety, is experienced with lightness and optimism by the duo.
In fact, Kleiman expressed enthusiasm about the turn of events, highlighting how the lack of access prevented the sale of bitcoin too early, thus allowing them to benefit from the incredible growth of the asset.
The recovery attempt and Coinbase support
Despite the difficulties, Durant and Kleiman have already collaborated directly with the Coinbase team to attempt to recover the account.
“We have already worked with the Coinbase team on recovering Kevin’s account, which is why it was easy for me to joke about it on stage,” the agent stated.
Coinbase, for its part, has reiterated that users can reset their passwords through self-service tools available in the app and that a support team is available 24/7 to respond to account recovery requests and other inquiries.
However, Durant’s case demonstrates how, even with these resources, recovery can prove to be more complex than expected.
A bond that goes beyond investment
The relationship between Durant, Kleiman, and Coinbase is not limited to merely managing an account. In fact, the two are also investors in the platform, and in 2021, their company Thirty Five Ventures entered into a multi-year agreement with Coinbase to promote the trading platform.
The agreement also includes the creation of content dedicated to digital assets for Boardroom, the sports and entertainment website founded by Durant.
Kleiman emphasized how Coinbase has been “a valuable resource for growing our business,” highlighting the synergy between the world of sports, entertainment, and cryptocurrencies.
Bitcoin: an asset that continues to surprise
The Durant story highlights not only the volatility and growth potential of bitcoin, but also the pitfalls associated with managing digital assets.
A simple human error, such as losing access credentials, can turn into an unexpected fortune, especially in a context where the temptation to sell during market fluctuations is always lurking around the corner.
According to the latest quotes, bitcoin has reached $117,499.90, with an increase of 1.56% compared to the previous day. This data confirms the strength of the asset and the foresight, albeit unintentional, of those who have managed to hold the position over time.
An example for the world of sports and finance
The story of Kevin Durant and his blocked bitcoin account is an emblematic case of how the world of sports is increasingly embracing new technologies and the opportunities offered by digital assets.
The athlete’s experience shows that sometimes patience (even forced) can be the best investment strategy.
As Durant prepares for a new season with the Houston Rockets, his digital assets continue to grow, waiting to be finally unlocked.
An example that could inspire other athletes and investors to look with interest and caution at the world of cryptocurrencies, without forgetting the importance of security and managing their credentials.
Conclusions: a Fortune Waiting to be Unlocked
The story of Kevin Durant and his “forgotten” bitcoin on Coinbase is a demonstration of how, in the world of cryptocurrencies, even a mistake can turn into a great opportunity.
Among fortunate investments, strategic partnerships, and a good dose of irony, Durant and Kleiman continue to be protagonists not only on the NBA courts but also in the digital asset landscape. And who knows, perhaps soon, in addition to their sports successes, they might also celebrate access to a digital fortune that has grown exponentially in recent years.