Kevin Durant forgot his Coinbase Global, Inc. (NASDAQ:COIN) password, which turned into an unexpected blessing.
The NBA star, who first started buying Bitcoin (CRYPTO: BTC) during his Golden State Warriors days in 2016, still hasn't regained access to his account, according to CBNC.
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Durant's Bitcoin Journey
According to his longtime business partner and agent, Rich Kleiman, Durant became curious about cryptocurrency after a dinner with teammates who wouldn't stop talking about it.
The very next day, they began purchasing bitcoin. Back then, prices hovered between $360 and $1,000. Today, bitcoin trades near $116,000—an increase of more than 11,000%.
Locked Out, Cashing In
Strangely enough, being locked out of Durant's Coinbase account turned into an advantage.
"We've yet to be able to track down his Coinbase account info, so we've never sold anything, and this bitcoin is just through the roof," Kleiman noted during CNBC's Game Plan conference in Los Angeles.
While most investors might panic at not having access, Durant's camp sees it as a form of "forced holding."
Efforts To Regain Access
Kleiman explained that they've been in contact with Coinbase trying to resolve a "user error" that blocked access.
But at the same time, they have maintained a positive relationship with the platform. Durant and Kleiman are not only investors in Coinbase Global but also partnered with the company in 2021 through their firm, Thirty Five Ventures.
Coinbase's Role
Coinbase, in response, reminded CNBC that customers can generally reset their passwords using its built-in tools and can reach around-the-clock support for more complicated recovery issues.
Still, Durant's experience highlights both the risks of misplaced login information and the accidental upside of long-term investing without the temptation to sell.
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