Financial commentator Peter Schiff claims that Bitcoin is actually "the best thing to have happened to the Fed" despite its anti-establishment nature.  

Schiff argues that the leading cryptocurrency by market capitalization is actually taking the spotlight away from gold. The recent appreciation of the yellow metal would otherwise "expose" the policy mistakes of the central bank. 

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Gold recently hit yet another record high of $2,630. The precious metal has been on a tear since the U.S. Federal Reserve opted for a bigger-than-expected 50-basis point rate cut. 

Bitcoin has also gained some ground following the rate cut, recently reclaiming the $64,000 level. That said, the cryptocurrency remains well below its record high that was originally reached in March. 

Meanwhile, commodity trader Peter Brandt recently predicted that Bitcoin could start massively outperforming gold based on the inverse head-and-shoulders (iH&S) pattern that he had spotted.