I suspect that "bit" for binary digit and "bit" as in "two bits" is a deliberate convergence more than pure coincidence. Tukey coined the term right after the w

I suspect that "bit" for binary digit and "bit" as in "two bits" is a deliberate convergence more than pure coincidence. Tukey coined the term right after the war, which is a cultural high water mark for the term two bits. It doesn't hurt that "a bit" also means the least of something one might reasonably consider, this is where the bit as a sliver of the Spanish Dollar comes from in the first place, eight pieces being about as small as it was feasible to divide the coin into. Hence two bits for the quarter.