True. If you want to measure Bitcoin as an asset class, you can do that. My main point with regard to @gladstein s note is that price-related metrics in general are the wrong focus. He described Bitcoin as "A leaderless decentralized cypherpunk open source software project that secures property rights and free speech for anyone and destroys central banking and financial censorship". If that's what you care about in Bitcoin you should be looking at other metrics than market cap. IMHO focus on market cap or price and NGU mentality are one of the biggest threats for Bitcoin at the moment. They are delusionary and allure many people to follow the wrong leaders for the wrong reasons.