I'm not sure I could have recalled the existence of the element holmium, I've never heard or read much about it. I looked it up, and found the likely reason it was used for this research:
"Holmium has the highest magnetic permeability of any element and therefore is used for the polepieces of the strongest static magnets." https://en.m.wikipedia.org/wiki/Holmium
I don't know if we'll see practical atomic storage or if more than one bit per atom is physically possible, but in theory there's enough space in an atom to hold millions of bits. But I think you have to get to black hole density... https://en.m.wikipedia.org/wiki/Bekenstein_bound