This is really cool and I dont want to be a down but in todays economy M1 is pretty much a meaningless number
Becuase of the way banks have been allowed to inturpet the definitions of M1 and M2, and increasing intervention by the Fed M1 has become less and less relevant. If we want an accurate picture we should really be comparing to M2.
In the last 30 years M1 has stayed relatively constant while M2 has skyrocketed, it is largely due to the advent of electronic ways of spending money, people are much less likely to spend physical cash then they were 30 years ago.
Also comparing the bitcoin market cap to M1 is not apples to apples. You would need to adjust for all coins in cold storage, anything invested in bitcoin denominated securities, and bitcoins in abandoned wallets. Also all of the winkelvoses bitcoins wouldn't count(~1%) because a) they are in cold storage and b) they are going to be used to back their bitcoin fund with takes them out of M1.
M2 would be a better comparison see here:
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2215rank.html
but you would still have to account for any bitcoins invested in bitcoin stock markets.
