Not sure you read the article, but:

• Market Cap of crypto is 720bn USD. Don’t believe me — check out coinmarket cap, click on market cap by TOTAL supply under coins and then under token. Add the numbers in bold at the bottom:

• Additionally it is fair to say that crypo does not contain a single drop from institutions (regulated financial firms like pension funds). The dot com bubble did. My point is institutions will not come in before regulation is clear, but at that point when regulation becomes clear, the ICO bubble is likely to burst. Hence we are talking only pre-institutional money here
• .com bubble = 4trn USD roughly (difference of market cap from top to the level traded next 2–3 years). Share of non institutional money: c. 10%. Comparable size of .com bubble = 400bn USD. Hence Crypto is easily there in size.

By the way, if your point is that after this bubble bursts, the wave of institutional money will inflate a new one — I totally agree.