Closing in on a $100 mil economy.
The term "market cap" is generally used when referring to equities. With bitcoin the number of bitcoins issued is the "money stock" so multiplying the money stock times the current BTC/USD market exchange rate gives a number but I'm not sure what is the correct term for that number. Is it "currency valuation"? Weath? Purchasing Power?
It definitely isn't "economy". If 100% of bitcoins were acquired and never traded, there could be a high valuation (BTCs issued X exchange rate) but a zero economy.
Perhaps "Purchasing Power equivalent" is the correct term.
In other words, at the BTC/USD market exchange rate of $8.50 can we say the purchasing power of 1 BTC is equivalent to that of $8.50 USD. So the money stock of 6.2 million BTCs times $8.50 gives bitcoin the purchasing power of $52.7 million
Of course the purchasing power is only valid for a specific point in time. The reason I'm not sure that referring to it as purchasing power would be best is because there needn't be any bitcoins to change hands for the purchasing power to rise or fall.
Maybe "Current Purchasing Power" is the best way to describe this $52.7 million number?
[Edit: It was suggested in another thread that TDV (Total Dollar Valuation) is the best way to describe what is sometimes referred to as Bitcoin's "market cap".]