Bitcoin Adoption Is Shifting From Individuals to Governments, Says Crypto Analyst — Nation-State Holdings Jump as US Leads With Nearly $28 Billion in BTC

Cryptocurrency analyst Willy Woo reported that Bitcoin adoption by nation-states has surpassed individual ownership, with the number of countries holding Bitcoin increasing from two in 2016 to 23 by 2025. In 2025, individuals reduced their Bitcoin holdings by 696,000 BTC, while nation-states added 135,000 BTC. The U.S. government leads with 324,527 BTC, valued at nearly $28 billion, primarily acquired through criminal and civil forfeiture. Approximately 5% of the global population owns Bitcoin, with 12% of countries holding it and 8% having policies to acquire or hold it.