INSIGHTS: Bitcoin adoption among countries is outrunning adoption among people. Analyst Willy Woo: about 5% of the world's population owns Bitcoin. About 8% of countries have policies to buy or hold it. In a follow-up, he added: about 12% of countries actually hold some. Here's why the comparison is shakier than it sounds. Ownership estimates range wildly. From 1.3% (about 106 million people) to 6% (about 500 million), depending on method. Woo's own range: 370 to 500 million people. That's 4.5% to 6%. Only about 800,000 to 850,000 individuals hold a full Bitcoin. The country figure is a count, not a weighting. 8% of roughly 195 countries is about 15 nations. El Salvador. The US. Bhutan. A handful more. A Luxembourg ETF position counts the same as a national reserve. The "policy" is also soft. Some are bills, not law. Some are pilots. The real signal is the direction. Adoption among governments started from near zero a few years ago. The US now holds a Strategic Bitcoin Reserve. A reserve bill cleared committee 28 to 21. Countries that adopt don't sell. Retail is the opposite. It flows in and out with the price. That makes sovereign demand the stickier of the two. Still very small. But stickier.