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.
It doesn't matter because the whole comparison is just for fun anyway.
But the metric that is being used on the bitcoin side (all bitcoins issued) is its monetary base, its M0. And the metric that's being used on the other side is the M1 of fiat currencies. IMHO it would be more accurate to use M0 on both sides, since there's no M1 for Bitcoin.
There must be an M1 for Bitcoin. It's just that nobody knows what it is ;-)