[swader999]

Market cap is a strange way to frame crypto. Would you ever talk about market cap of USD or the pound? Transaction volume, unique addresses, stock to flow are more useful.

[sb057]

Money supply is a functional equivalent of market cap and is a rather common economic measure.

[NovemberWhiskey]

This really just seems like an odd statement to me.

The market cap of just the S&P 500, which is denominated in U.S. dollars, is over $30tn, which is 50% more than the M2 money supply of U.S. dollars.

So, explain to me again how these things should meaningfully be compared?

[johnvanommen]

Money supply is possibly the number one metric that I use to evaluate investments.

[skystarman]

The vast majority of people who buy bitcoin are using it as an "investment" so market cap makes sense here.