Jeff McBride does a beautiful version of the Dancing Butterflies effect, and it is the only with which I am familiar. I will use it as my basis for this recommendation.
One thing you must consider is that a folded dollar bill is at least 7 times as heavy as the paper butterflies commonly used for the effect. The routine usually involves using a fan to cause the butterflies to "dance." If one were to attempt this with folded dollar bills, he would shortly run out of breath due to the physical demand placed upon his wrist by the combination of gravity and heavy paper that would have to be overcome by the fanning motion. Ultimately, this would be not only impractical, but rather unpleasant to watch. Thus, to make the butterfly float, I recommend using IT.
Keep in mind, however, that the life-like movement of the butterfly's wings at the culmination of the "Life" effect is a beautiful moment, and you may risk overdoing it if you add a levitation at the end. Furthermore, the levitation won't look as realistic as does the movement of the wings. Such being the case, I would offer this alternative: make the movement of the butterfly a transformational moment, during which the butterfly begins to literally come to life. If you can find a way to turn the bill into a living butterfly after it begins to move its wings, you will have a finish that is far more powerful and meaningful than any IT levitation. You will have created life with only your bare hands. That, in my opinion, is the purest sort of magic.
To start, thank you for the advice. I have a question though: do you or anyone else know any methods for concealing a butterfly? Are there any books? I have seen Cris do it on one of his infernal shows (I do not know why i was watching it, alright?). So, if there is a resource I could use to learn butterfly manipulation, please, do tell.