Bitcoin remains primarily a financial asset at current adoption levels, but broader ownership could redefine its monetary role, according to on-chain analyst Willy Woo. Woo said about 5% of the global population currently holds Bitcoin, compared with roughly 4% holding S&P 500 assets and 4.5% holding gold. He said Bitcoin may be viewed mainly as a financial asset while holder share stays near 5%. If adoption rises to around 50% of the global population, Woo said it could signal a future in which the separation of money and the state emerges.