He actually argues for Bitcoin.

Here is the central fact of money. Money is the product of the market process. It arises out of an unplanned, decentralized process. This takes time. It takes a lot of time. It spreads slowly, as new people discover it as a tool of production, because it increases the size of the market for all goods and services. No one says, "I think I'll invent a new form of money."

This is what is happening now with Bitcoin. "Money arises out of an unplanned." Bitcoin is largely an unplanned decentralized medium. "Money arises out of the market process". The markets are being developed now for bitcoin. "Money takes time and spreads slowly." The same is happening with Bitcoin. It will take a long time for adoption. So his point about Bitcoin not being money is correct. But the next question is will it ever be considered money? It's possible, if a majority of people in a region use it to conduct business. If we look at it in that sense, I think one could argue that Bitcoin is money in the BTC end user mining market. All mining devices can be purchased with BTC. BTC is a tool of production in the end user mining market.