The future of cryptocurrencies is still in doubt. Despite this, one early cryptocurrency investor has already made enough money to join the ultra-rich league of self-proclaimed philanthropists - Warren Buffett, Bill Gates and Elon Musk.
Last week, 35-year-old Brian Armstrong, co-founder and CEO of Coinbase, signed the giving pledge, first signed by Bill Gates and Warren Buffett in 2010. The campaign's official website states that it "is an effort to encourage the world's wealthiest individuals and their families to give the majority of their fortunes to philanthropy." Armstrong became the first cryptocurrency entrepreneur to sign the pledge, which has already been signed by more than 180 billionaire philanthropists, including Ray Dalio, Bill Ackman and Michael Bloomberg. Armstrong became a co-founder. Coinbase in 2012 (back when Bitcoin was worth less than $10) with former Goldman Sachs employee Fred Ehrsam. The company was recently valued at $8 billion, and Armstrong's net worth is $1.3 billion.
At the peak of Bitcoin's price in early January, Forbes estimated Armstrong's net worth at $900 million. Since then, the value of Bitcoin has fallen by more than 80%. Apparently, the market crash did not hinder the growth of Coinbase and Armstrong's fortune.
“Once a certain level of wealth is reached, money takes a backseat,” Armstrong wrote on the Giving Pledge website. “I have always admired individuals and leaders who put the betterment of the world around them above their own wealth.”.
Earlier this year, Armstrong also founded a separate charitable organization GiveCrypto.org, which provides direct fund transfers to those people who live in poverty. To date, GiveCrypto.org has collected more than $4 million in cryptocurrency from donors.
According to observer.com
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