This guy is definitely saying that Bitcoin money supply (market cap) should be compared with "monetary base" (MB or M0) ...
I've been saying this for a while too. But I haven't seen any list of all currencies' M0s so far.
I don't think it hugely matters. The fractional reserve lending component in the BTC economy must be fairly trivial, so the Bitcoin M1 is unlikely to be much larger than the Bitcoin M0.