Superconducting magnets are an invaluable tool for scientific discovery, energy research, and medical diagnosis. To date, virtually all superconducting magnets have been made from two Nb-based low-temperature superconductors (Nb-Ti with a superconducting transition temperature Tc of 9.2 K and Nb3Sn with a Tc of 18.3 K). The 8.33 T Nb-Ti accelerator dipole magnets of the large hadron collider (LHC) at CERN enabled the discovery of the Higgs Boson and the ongoing search for physics beyond the standard model of high energy physics. The 12 T class Nb3Sn magnets are key to the International Thermonuclear Experimental Reactor (ITER) Tokamak and to the high-luminosity upgrade of the LHC that aims to increase the luminosity by a factor of 5–10. In this paper, we discuss opportunities with a high-temperature superconducting material Bi-2212 with a Tc of 80–92 K for building more powerful magnets for high energy circular colliders. The development of a superconducting accelerator magnet could not succeed without a parallel development of a high performance conductor. We will review triumphs of developing Bi-2212 round wires into a magnet grade conductor and technologies that enable them. Then, we will discuss the challenges associated with constructing a high-field accelerator magnet using Bi-2212 wires, especially those dipoles of 15–20 T class with a significant value for future physics colliders, potential technology paths forward, and progress made so far with subscale magnet development based on racetrack coils and a canted-cosine-theta magnet design that uniquely addresses the mechanical weaknesses of Bi-2212 cables. Additionally, a roadmap being implemented by the US Magnet Development Program for demonstrating high-field Bi-2212 accelerator dipole technologies is presented.