Thoughts on MV=PQ ?

I recently read this article that described the MV=PQ equality as being a tool for governments to compare the size of their monetary supply with their annual domestic output. According to the author, cryptoeconomists are treading down a slippery slope when they apply this same equality to crytpocurrencies.

I'm interested in people's thoughts on the legitimacy of MV=PQ in the crypto space, and whether or not this author is making a decent point..

EDIT: I posted this to r/EthTrader because I assumed it would be downvoted into obscurity on r/CryptoCurrency lol. I'm hoping ppl here are more open minded 😛