[Analyst Willy Woo: Bitcoin Holding Rate Could Become the Key Threshold for 'Separation of Money and State'] On-chain analyst Willy Woo stated that currently, approximately 4% of the global population holds S&P 500 assets, 4.5% holds gold, and 5% holds Bitcoin (BTC). He proposed that Bitcoin's future penetration rate will determine its role and attributes. He noted that at the current level of around 5% of the population holding BTC, it is still primarily regarded as a financial asset. If this proportion rises to around 50%, it could signify the emergence of a scenario where 'money and state are separated.'