Bitcoin Price Sets New Record At $50,000: Can It Ever Replace The US Dollar? KEY POINTS More institutions and corporations are now adopting the dominant cryptocurrency St. Louis Treasury Reserve President James Bullard does not think it can replace the U.S. dollar Bitcoin has set a new all-time high at $50,000. While many have been championing it as a store of value similar to gold, others are skeptical whether it will ever replace the U.S. dollar. Bitcoin closed at $49,158 Tuesday but went on to break past $50,000 the next day. It is now up 1,215% since dropping to $3,800 in March 2020. The dominant cryptocurrency is also up 76% since the year began.