Originally Posted by Daniel_

I read it as:

Everything is made out of bits.

The bits are not water or other elements (air, earth, fire, spirit?).

When you destroy something, the bits survive to make new somethings.

Time destroys everything.

In other words: Matter is indivisible, and eternal. Entropy causes everyting to degenerate, but you can make new thing from the eternal matter.

So all in all, a pretty modern idea, but as the OP says, it is in rather ornate language.