This week, Coinbase CEO Brian Armstrong confirmed that Kevin Durant had regained access to a Coinbase account that he had opened almost 10 years ago. This puts an end to the speculation surrounding the NBA star's supposed permanent lockout.
Durant first entered the market in late 2016, when Bitcoin was trading at around $650. The largest cryptocurrency now changes hands at around $117,000, representing an increase of around 180 times since his initial purchases.
Over the past five years alone, Bitcoin's price has increased by more than 950%, turning initial investments into multimillion-dollar holdings.
The account issue arose during a discussion at CNBC's Game Plan conference in Los Angeles. Durant’s business partner Rich Kleiman said his client had been unable to log in for years. Hours later, Armstrong addressed the matter directly on social media, writing that the recovery process had been completed.
NBA star becomes major U.S. exchange investor
Durant’s connection to Coinbase goes beyond a user account. In 2017, he and Kleiman added Coinbase to the portfolio of their 35V investment firm. Four years later, the two companies signed a marketing agreement, making Durant one of the company’s public ambassadors.
Despite these ties, he was unable to access Bitcoin purchased prior to the partnership and investment.
The scale of the numbers involved puts the recovery in perspective. A $10,000 Bitcoin investment at Durant’s entry price would now be worth almost $1.8 million. Even a single coin purchased in 2016 would now be worth more than $116,000.
Durant, who is set to play in the upcoming NBA season with the Houston Rockets, has now regained direct control of assets acquired almost 10 years ago.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team