Depends if this results in more efficient models or simply larger, more capable models.
Of course it should be fairly simple for Nvidia to add special silicon and instructions for two-bit addition to a future generation of their cards. But it'll take a while because they already have a roadmap and preexisting commitments. And any competitor doesn't have to copy everything Nvidia does to make floating point numbers go fast, they can just focus on making two-bit data handling and addition go fast.