Stacks

STACKS PAY

Bitcoin

Read

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. 
STACKS, the native token of Stacks Network, rose 27% on Dec. 20, fueled by positive comments from renowned investor Tim Draper.&nbsp; 
Draper, who has a history of making successful crypto investments, expressed his enthusiasm for Stacks in an interview with CoinBureau.&nbsp; 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Crypto in 2024 &amp; BTC Price Predictions: Tim Draper &amp; Raoul Pal!!" width="1020" height="574" src="https://www.youtube.com/embed/kfOeVUbbx9Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
He believes that Stacks has the potential to reshape the way that smart contracts are deployed and used on the Bitcoin (BTC) blockchain. 
By default, Bitcoin is a transactional layer and doesn’t support smart contracts. Stacks aim to tap into Bitcoin’s decentralization and security by acting as a layer-2 network from where protocols can quickly deploy smart contracts. By “pegging-in”, it is possible to transfer STACKS between Bitcoin and Stacks without modifying the legacy blockchain. 
 You might also like: <a href="https://crypto.news/stacks-rallies-11-as-bitcoin-solana-fall/"> Stacks rallies 11% as bitcoin, solana fall </a> 
Draper’s comments come when Stacks is gaining traction, rising in tandem with the broader crypto network. Bitcoin remains firm, and bulls are targeting $50,000 and even all-time highs recorded in late November 2021 at $69,000. 
In recent months, there has been a notable uptick in capital flows into Stacks. Its total value locked (TVL) is up from $7 million recorded in early 2023 to over $56 million when writing, according to DeFiLlama&nbsp;<a target="_blank" href="https://defillama.com/chain/Stacks" rel="noreferrer noopener">data</a>.&nbsp; 
This growth is partly attributed to the emergence of Bitcoin inscription projects like <a href="https://crypto.news/bitcoin-and-ordinals-now-supported-by-solanas-phantom-wallet/" data-type="post" data-id="14230049">Ordinals</a>. Due to the rapid rise of some BTC-20 tokens, the focus has been on projects tapping into Bitcoin, lifting Stacks. 
 You might also like: <a href="https://crypto.news/argentina-will-accept-bitcoin-for-contractual-agreements-new-minister-says/"> Argentina will accept Bitcoin for contractual agreements, new minister says </a> 
Draper’s bullish sentiment towards Stacks aligns with his broader outlook on Bitcoin.&nbsp; 
The venture capitalist is bullish on Bitcoin and expects the coin to reach $250,000 by 2025.&nbsp; 
The crypto community expects the Securities and Exchange Commission (SEC) to approve several spot Bitcoin ETFs. This move could lift prices, further pumping STACKS. 
Trading at&nbsp;<a href="https://www.coinlore.com/coin/stacks" target="_blank" rel="noreferrer noopener">around</a>&nbsp;$1.33 on Dec. 22, STACKS is up 215% from September 2023 lows. The uptrend remains, and bulls might extend gains, lifting the token to 2021 highs of around $3.2. 
 Read more: <a href="https://crypto.news/stx-rallies-42-as-social-activity-and-oi-soars/"> STX rallies 42% as social activity and OI soars </a> 
 Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Stacks up 215% in 3 months, Tim Draper bullish

crypto.news

Other articles published on Dec 22, 2023

Hong Kong signals willingness to greenlight crypto spot ETFs

Bitcoin Is Overheated, But These Altcoins Could Be Worthy Buys

China Tightens Grip on In-Game Tokens with Stringent Regulations

The Emergence of Bitcoin: A Response to the 2008 Financial Crisis

Onboarding the Vacation Rental Industry to Crypto with Smart Wallets

Whale Pindahkan Jutaan XRP, Harga Kripto Ini Targetkan US$5,85

Join our free newsletter for daily crypto updates!