As 2018 began, a Forbes estimate suggested that Coinbase CEO Brian Armstrong had a net worth of somewhere between $900 million and $1 billion. Last week, Armstrong became the latest billionaire to sign the so-called Giving Pledge, committing to donating the bulk of his wealth to charity, CNBC reports.
The Giving Pledge was a philanthropic movement started in 2010 by two of the most well-known billionaires in the world, Warren Buffett and Bill Gates. Since then, more than 150 of the world’s richest individuals have signed on to the pledge, including Michael Bloomberg, Ray Dalio, and Elon Musk. Armstrong is the first person from the crypto industry to join that effort.
Armstrong explained his motivation for making the pledge in a blog post published on the Giving Pledge website. After crediting his success to “a lot of determination and luck,” he noted:
“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One's ambition begins to move outwards. I've always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth.”
Armstrong described how his present journey began a decade ago when he set a seemingly unlikely goal: creating a tech company that could eventually be worth a billion dollars. In his post, he expressed his wish that others will also see their ideas and dreams come true:
“Whether it's through improving education, creating a more level playing field, or increasing economic freedom, I'm interested in helping more people see their ideas come to fruition in the world. My hope is that more people will write down a "crazy" goal some day, just like I did ten years ago, and it will turn out to be not so crazy after all.”