What utter rubbish. Bitcoin may or may not survive (as a volatile commodity, like gold), but you buy it now at your peril. It is backed by nothing, and generates no earnings. It started at $.10, and to $.10 it might well return.
Commodity demand for gold is only about 12%.
http://www.gold.org/investment/why_how_and_where/why_invest/...
The equity of Google -- if the company is liquidated, stockholders are entitled to the proceeds after bondholders have been paid. You can read the prospectus if you are curious about what a share of a company's stock actually means.
"Fiat" currency is usually backed by the gold standard until such a point as the reputation of the state has matured to the point where borrowers can trust the state.
Bitcoin has neither.
That's not really true; even immature states with poor reputations rarely have gold-backed currency these days. Some of them have currency backed by (convertible at a fixed exchange rate to) more mature fiat currencies, though.
Laws.
I would argue that even when gold and silver were used as money, it was because of human laws -- taxes, debt laws, torts, etc. Even wampum's use as currency was connected to authority: tribal laws and religion. Even prison cigarette trade is government by a complex code that involves gangs, guards, etc.
A simple example of subjective theory are two identically optioned vehicles isolated to one difference:
Vehicle A: Silver Metallic Clearcoat Vehicle B: Sunny Yellow Clearcoat w/Orange Flames
Under an objectivist framework the two must sell at the exact same price because the are intrinsically identical save for the cosmetic difference.
The US Government could pass a law making bitcoin legal tender much the same as pieces of paper or the majority of circulating money that is nothing but electronic bits also.
See J. orlin grabbe's essays if you prefer to hear about it from someone else.