Coinbase Chief Executive Officer Brian Armstrong sparked debate over the value of philanthropy this week after describing charity and philanthropic foundations as often a "net negative" for the world, comments that drew agreement from Elon Musk and criticism from others online.

Armstrong made the remarks during an appearance on "The Katie Miller Podcast," hosted by Katie Miller, a former adviser to Musk's Department of Government Efficiency initiative who launched the show earlier this year. "The common view is that philanthropy is a noble cause," Armstrong said, according to a clip shared by Miller on X on Aug. 26. "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 went on to lay out a broader critique of institutional charitable giving. "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, according to reporting from Yahoo Finance. "I think a lot of people, by trying to do something good, like criminal justice reform, it turns out they........

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