You should compare market cap of bitcoin to all excess value in stocks, all excess value in gold, all excess value in land and real estate and all fiat currency in the world combined. This is the hyperbitcoinized market cap.
all excess value in stocks, all excess value in gold, all excess value in land and real estate and all fiat currency in the world combined
That's a weird metric. You mean currency + investment assets?
Are you sure that's what you want to say?
  • Comparisons to currencies makes sense. But then you have to make lots of design decisions what you take into account between M0, M1 or M2 and cash-equivalents.
  • Taking investments assets additionally in would mean Bitcoin would replace those. This does not make sense. A piece of land has an objective value greater zero. This wouldn't change by changing the denomination
  • Taking investment assets into account can make sense under the premise that current investment assets are overvalued and savings assets are undervalued due to our inflationary money system. In the finance world we would call this a "valuation factor" which basically means you would multiply it with a number between 0.99 and 0.01. This can easily approximated for stocks with the so called Discounted Cash Flow method (short: DCF) but is probably impossible for real estate or paintings.
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All assets are overvalued by a significant percentage because of consistent inflation due to fiat. To move to a fixed supply money will allow illiquid assets to deflate to the value of their use rather than their value as an investment to hedge inflation. All securities purchasable with tax deferred or tax free retirement accounts are artificially inflated due to people who otherwise wouldn't invest in risk assets to as a savings vehicle. This is what I mean by excess value.
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