Stacks, a layer 2 network, and the native token of Stacks Network surged by 27% on December 21, 2024, after a series of positive comments from the legendary investor Tim Draper. In a recent interview, Draper commented that he was excited by the developments in Stacks.
He also compared
“Most of what I’ve been investing in has been things that start to move the important applications over to Bitcoin. So I think that’s a really interesting trend, and we’re thinking it’s going to go the way Microsoft did.”
Stack’s impressive 2023
The native token, which was distributed through the first-ever Securities and Exchange Commission (SEC)-approved token offering in the United States in 2019, has gained popularity in recent months after the introduction of Bitcoin-based NFT projects such as Bitcoin Ordinals. According to data from DefiLlama, Stacks currently has funds locked, which have increased from $7 million to $50 million since the start of 2023.
As for $STX price, the token, which opened the year at $0.21, is now trading at $1.42, the highest price recorded since February 2022.
Looking forward
Draper, who had previously forecasted Bitcoin to reach $250,000 by 2022, has, in a recent interview, revised the timeline for this prediction, extending it to 2025. He added that the strategic consolidation that is happening around the Bitcoin network and its ability to currently scale the $43,000 price to altoins is an indication that there is a slow and steady movement of all applications towards Bitcoin.
While he likened the trend to that of Microsoft, Draper espoused that Stacks is benefiting from the changes in technology that now foster faster transactions than the usual traditional Mastercard.
Draper was thrilled by the potential of Bitcoin smart contracts to attract more investors, streamline investor-employee payments, and handle taxes and other accounting issues. He dubbed this “the new economy”.
Source: https://coincodex.com/article/35998/stacks-surges-27-after-positive-comment-from-legendary-investor-tim-draper/