Coinbase CEO Brian Armstrong is worth several billion dollars, but he doesn’t appear to have any plans to give much of that wealth away through traditional charity or philanthropy.
In a recent interview, Armstrong explained why he has no desire to create a charitable foundation, arguing that philanthropies and charities are “actually a net negative” for the world.
Billionaire Brian Armstrong
Brian Armstrong co-founded Coinbase and has been the company’s CEO since June 2012, building a multibillion-dollar fortune and earning the No. 422 spot on Forbes’ 2026 Billionaires list. His wealth has surged in recent years, especially following Coinbase’s 2021 Nasdaq debut, making Armstrong one of the most recognizable figures in the cryptocurrency industry.
In 2018, Armstrong joined Warren Buffett and Bill Gates’ Giving Pledge, publicly committing to give away at least half of his wealth to charitable causes either during his lifetime or through his will. At the time, he became the first crypto billionaire to sign onto the initiative, arguing that once someone accumulates enough wealth, there isn’t much practical benefit to spending it on themselves.
However, Armstrong later changed his mind. He shut down his nonprofit, GiveCrypto, in 2023 and quietly withdrew from the Giving Pledge in 2024. His recent comments on charity and philanthropy shed some light on why he ultimately made that decision.
‘Actually a net negative on the world’
During a recent appearance on The Katie Miller Podcast, Armstrong explained that he has a deeply skeptical view of traditional charity and philanthropy, saying he believes they can actually be a “net negative” on the world.
“The common view is that philanthropy is a noble cause. And like, Bill Gates after the DOJ thing is like, ‘I’m going to go rehabilitate my image, I’m going to do philanthropy,'” Armstrong said during the interview.
Armstrong said he views charitable foundations differently, arguing that they can become “captured by ideology.”
“I guess I have sort of a contrarian view where a lot of charities and philanthropies are actually net negative on the world. And they get captured. It’s actually remarkably hard to find a foundation that has not gotten captured by ideology,” Armstrong said. “I think a lot of people, by trying to do something good, like criminal justice reform, it turns out they just increased crime. All these unintended consequences happen.”
Because of those concerns, Armstrong said he has no intention of launching another charity or foundation.
“So far, I’ve just been like ‘I’m not going to do that.’ My fear is that it just gets captured by some ideology and I lose control over it,” he said. “If you look at the Ford Foundation, I think Henry Ford would be turning over in his grave if he knew what they were up to.”
Rather than establish his own charitable organization, Armstrong said he instead uses a donor-advised fund to direct his money toward causes and projects that he believes are “helping civilization advance.”
‘Temu Lex Luthor’
Needless to say, Armstrong’s comments quickly sparked outrage from some influential individuals.
“A website for trading fake money is a net negative,” wrote legendary American stocktrader Jesse Livermore.
“This is some of the dumbest [thing] I’ve ever heard,” wrote Bakari Sellers, a former member of the South Carolina House of Representatives.
“Henry Ford was a virulent bigot, like so many tech bros and Trump administration officials. he’d be turning over in grave at the fact that Jews serve in high office and that Jim Crow is long gone. so it makes sense that a guy in the crypto business would identify with him,” wrote journalist John Harwood.
“Temu lex luthor believes the money laundering coins are superior to charity,” wrote Edward Ongweso Jr. of The Tech Bubble.
“Brian Armstrong joined the Giving Pledge in 2018 as the ‘first crypto billionaire’ right before Coinbase went public, rehabilitating his image… only to quietly drop it in 2024 once his net worth hit $11 billion,” wrote Jake of EconomicPic.
“Pretty interesting from the guy who suddenly dropped out of The Giving Pledge with no explanation!” wrote Teddy Schleifer of The New York Times.
Clearly, Armstrong did not make many fans with these comments.
About Kevin Harrish