That's kinda cool and has an "Olde Tyme" ring to it because two bits used to mean a quarter. "Shave and a haircut......two bit!" It harks back to a time when currencies didn't get debased and may help draw in the older crown who are losing their retirement funds to inflation.

The only drawback is that it doesn't have a unique meaning. "Bitcoin" can only refer to Bitcoin, but "bit" can refer to a lot of things. This is disadvantageous in terms of search engines, keyword analysis, and other things, as well as being ambiguous in some situations.