Matthew Lesko, the US author who made himself a name in the 90s writing books on how to get “free money” from the United States government, claimed that cryptocurrencies are a scam and Bitcoin is a “gamble,” talking to CNET in an interview on Feb. 20.

Lesko, who runs his own website, YouTube channel and various podcasts, all dedicated to the topic of obtaining federal grants from the US government, says that “many people are interested” in Blockchain and cryptocurrencies. Lesko recommended these people to “stay away” from digital currencies unless they “have money to lose.”

The “free money guy” elaborated:

“You're playing with sharks right now. This is the beginning of something, [and] no one knows where it's going.”

Lesko argues that cryptocurrencies are actually a “scam”, since they are not backed by anything and are not regulated, unlike the US dollar. He believes that “if there's no regulation, you get screwed.”

In 2004 the New York State Consumer Protection Board criticized Lesko's commercials and books, stating that many of his readers did not get the "free money" he promised. According to Lesko himself, Blockchain experts today implement the same “exaggerations” he used in his 90s “free-money” infomercials.