Stacks (STX), the native token of the Bitcoin layer 2 solution Stacks Network, experienced a significant surge of 25% in value on Wednesday. This surge was driven by positive remarks made by renowned investor Tim Draper. Draper expressed his excitement about Stacks in an interview on the popular YouTube channel CoinBureau, highlighting his interest in projects that aim to bring “important applications” to Bitcoin.
“I think that’s a really interesting trend, and we’re thinking it’s going to go the way Microsoft did,” Draper said about the efforts to bring more decentralized applications (dApps) to Bitcoin.
Stacks is a layer 2 network specifically designed to bring smart contracts, traditionally used on platforms like Ethereum and Solana, to Bitcoin. Differentiating itself from other Bitcoin layer 2 networks and sidechains such as Lightning and Liquid, the Stacks Network has its own native token. This approach has attracted criticism from some Bitcoin maximalists.
Tim Draper, a well-known American venture capitalist, has previously predicted that Bitcoin would reach $250,000 by 2025, and his positive sentiments toward Stacks align with his broader outlook on the potential of Bitcoin.
