There was a time in the United States when the richest moguls, regardless of their many personal shortcomings, embraced philanthropy in a cynical effort to keep the angry mobs at bay. Andrew Carnegie famously built libraries, John D Rockefeller helped fund research that eventually eradicated hookworm, while JP Morgan donated vast collections of art and books to museums and other cultural institutions.

Today’s robber barons aren’t in such a giving mood. Sure, there are some figures like Microsoft’s Bill Gates — who has plenty of his own problems, to be clear — but they seem to be quickly becoming the minority.

Case in point, the billionaire CEO of cyrpto-trading company Coinbase, Brian Armstrong, recently went on a tirade about how charity is actually a “net negative on the world.”

“The common view is that philanthropy is a noble cause,” Amstrong said during a recent appearance on the right-wing Katie Miller Podcast. “And like, Bill Gates after the DoJ thing is like, ‘I’m going to go rehabilitate my image, I’m going to do philanthropy.'”

That’s a fool’s errand to Armstrong, however, as such philanthropic aspirations — selfish as they are — 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,” Armstrong continued. “And they get captured. It’s actually remarkably hard to find a foundation that has not gotten captured by ideology.”

Though Amstrong’s estimated net worth of around $8.7 billion puts him in the top 1 percent of the top 1 percent, he says that “so far, I’ve just been like ‘I’m not going to do that.’“

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