What is the story about?
What's Happening?
NBA forward Kevin Durant has regained access to his Bitcoin holdings after being locked out of his Coinbase account for nearly a decade. During this period, the value of Bitcoin has surged by over 17,700%. Coinbase CEO Brian Armstrong confirmed the account recovery on social media. Durant initially purchased Bitcoin in 2016, when the price ranged between $360 and $1,000, and is estimated to have bought at around $650 per coin. The current value of Bitcoin is approximately $116,000. Durant and his business partner, Rich Kleiman, discussed the lockout at a recent conference, noting that the increase in Bitcoin's value has been beneficial despite the access issues. Durant and Kleiman are also investors in Coinbase and have promoted the company through their media outlet, Boardroom.
Why It's Important?
The recovery of Durant's Bitcoin highlights the significant appreciation of cryptocurrency over the past decade, underscoring the potential for substantial financial gains. This incident also brings attention to the challenges faced by cryptocurrency users in accessing their digital assets, emphasizing the importance of secure and reliable account management. The involvement of high-profile individuals like Durant in the cryptocurrency market may further legitimize and popularize digital currencies, potentially influencing public perception and investment trends. Additionally, the situation sheds light on the customer service issues faced by Coinbase users, prompting the company to focus on improving support.
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