Interesting analysis, I agree that Bitcoin’s best comp is Gold, but I would argue that Bitcoin has superior characteristics to Gold (transportability/portability, divisibility, fungibility, etc.) and therefore should command a higher comparable market cap than gold (~USD 8–9 Trillion) — — in the same way that Uber increased the “taxi market” due to superior characteristics (ease of use, cost, etc.).
In the context of negative interest rates and debt monetization, Gold and Bitcoin may both be interesting. :)