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

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?

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

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