Billionaire Coinbase CEO Brian Armstrong says most charities are 'net negative'—and that he has no plans to make his own foundation

(Credit: Getty Images–Al Drago)

Elon Musk isn’t the only billionaire who has a contrarian view of philanthropy. Coinbase CEO Brian Armstrong admitted on a recently published episode of the Katie Miller Pod he doesn’t think charities have much of a positive impact on the world.

“The common view is that philanthropy is like this noble cause,” said Armstrong, who is worth nearly $10 billion. “I guess I have sort of a contrarian view, which is like a lot of charities and philanthropies are actually net negative on the world, and they get captured.”