Coinbase CEO Brian Armstrong expresses scepticism towards traditional philanthropy
Brian Armstrong stated that many charities can have a negative impact on society and may be captured by specific ideologies.
Coinbase CEO Brian Armstrong has shared a contrarian view on philanthropy, suggesting that many charities can result in a net negative impact on the world, according to a Times of India report.
Speaking on the Katie Miller podcast, Armstrong said his primary concern regarding the creation of a foundation is the risk of losing control to an ideology he does not support.
He noted that finding a philanthropic organisation that has not been influenced by ideology or caused unintended consequences is extremely difficult.
Armstrong cited a hypothetical nonprofit for criminal justice reform as an example of an organisation that could potentially increase crime.
Instead of a foundation, Armstrong uses a donor-advised fund to set aside money for charitable giving, which allows him to decide where funds go at a later date.
While he did not specify his current causes, he said he aims to support initiatives that help civilisation advance.