Treating bitcoin as a currency is kind of wrong. It's a commodity with limited and predictable supply, like gold for example. You wouldn't call it a pyramid scheme, just like you wouldn't the gold market a pyramid scheme. His points against its use as currency are sound.
By definition fiat currency relies on governent regulation (and an internet protocol cannot be considered representative government, unless you create a committee to oversee the protocol, in which case we're back where we started).
