That is to say, that 1.2m SBD market cap would be sufficient to buy more than 33% of all extant free steem.
True; people frequently forget that the value of all liquid Steem is actually quite low. The thing is, if I were forced to get rid of my SBD, I wouldn't buy Steem with it. I'd convert it all to USD. There's a reason I've got that value parked in SBD right now.