Of course they still botched the explanation.
A bit is either 1 or 0, on or off, with only two possible states.
They're thinking about bytes, which uses 8 bits to store 1 of 256 possible values at a time.
But security is ultimately no better than the weakest link, with nearly every data security scheme in the world having some vital and carefully safeguarded flaw that only a few deep inside people even know about.
Besides, even if they do invent a radically new computing technology with calculation power greater than anything we've ever considered, someone will almost instantly develop a whole new encryption scheme that takes advantage of that power to generate it and in the process makes it again time consuming to crack. Even if it means going back to the centuries old technique of actually scrambling the documents, or using a template to decode it.