STACKS, the native token of Stacks Network, jumped 27% on Tuesday, December 20th, boosted by optimistic remarks from renowned crypto investor Tim Draper.
Draper expressed enthusiasm about Stacks’ potential to revolutionize smart contracts on the Bitcoin blockchain during an interview with CoinBureau.
Unlike Bitcoin, which solely facilitates transactions, Stacks aims to enable smart contract functionality by serving as a layer-2 solution pegged to the Bitcoin network.Â
Draper’s bullish perspective on Stacks reflects his overall positive outlook on Bitcoin. The venture capitalist predicts Bitcoin will reach $250,000 by 2025 and has made successful crypto investments in the past.
His comments come as Stacks gains traction alongside the broader crypto market. Bitcoin remains steady, with bulls targeting $50,000 and record highs.
Stacks’ total value locked has climbed from $7 million to over $56 million this year per DeFiLlama data, partially thanks to emerging Bitcoin inscription projects utilizing the network like Ordinals.
Also Read: Stacks Unveils sBTC Developer Release For Bitcoin Smart Contracts
