James Bullard, president of the Federal Reserve Bank of St. Louis, seemingly doesn't empathize why many are looking to cryptocurrency as a medium of exchange instead of a uniform currency like the U.S. dollar.

In an interview with CNBC's Squawk Box on Tuesday, Bullard said the issue for making payments isn't currencies that can exist traded electronically but rather privately issued ones, every bit is the case for many cryptocurrencies. He referenced a time in the Us earlier the Civil War when there was confusion and a dislike for trading the "equivalent of Bank of America dollars and JPMorgan dollars and Wells Fargo dollars."

"I think the same matter would occur with Bitcoin here," said Bullard. "You don't want to go to a not-uniform currency where yous're walking into Starbucks and maybe you'll pay with Ethereum, peradventure you'll pay with Ripple, maybe you'll pay with Bitcoin, perhaps you'll pay with a dollar — that isn't how we exercise this."

The Fed president referenced other privately issued currencies globally that are required to abide by the same restrictions as whatsoever currency issued by a cardinal authority. He said individual currencies aren't able to maintain a stable value against goods and other currencies, nor is their time to come supply "at all clear."

Bullard's comments came as Bitcoin (BTC) hit a new all-time loftier cost of more than than $50,000 Tuesday forenoon. Though the Fed president said characterizing the crypto asset every bit a rival to gold "might be a good manner to think nigh" Bitcoin, he largely reserved his bullish remarks for the U.S. dollar.

"It's going to be a dollar economic system as far as the eye tin can run across and a dollar global economy really as far equally the center can run across. Whether the gold price goes upwards or down or the Bitcoin price goes up or down doesn't really bear upon that."