Tim Draper's Positive Remarks Boosts Stacks' STX by 27%

• Stacks (STX) Token Surges as Renowned Investor Expresses Enthusiasm
• About Stacks and Its Connection to Bitcoin
• Tim Draper's Enthusiasm for Stacks
• Draper's Bitcoin Price Prediction
• Stacks Gains Prominence Amidst Bitcoin-based NFT Trend
• Stacks Current Market Position

Stacks (STX) Token Surges as Renowned Investor Expresses Enthusiasm

With a staggering 27% surge on Wednesday, Stacks (STX) - the native token of the Stacks Network - has been at the center of market attention. This boost was predominantly triggered by a series of affirmative comments made by distinguished investor, Tim Draper.

About Stacks and Its Connection to Bitcoin

Stacks operates as a layer 2 network, specifically designed to facilitate smart contracts on Bitcoin$42,260 -0.64% (BTC). Interestingly, the issuance of this token in 2019 was carried out via the first-ever token offering qualified by the U.S. Securities and Exchange Commission (SEC).

Tim Draper's Enthusiasm for Stacks

I'm truly quite thrilled about Stacks, expressed Draper during an interview on CoinBureau. He added, The bulk of my investments have been in innovations that begin transitioning vital applications to Bitcoin. I find this trend to be quite intriguing and anticipate it evolving similarly to the trajectory of Microsoft.

Draper's Bitcoin Price Prediction

Earlier this year, Draper predicted that the price of Bitcoin would escalate to $250,000 by 2025.

Stacks Gains Prominence Amidst Bitcoin-based NFT Trend

Stacks has notably garnered significant attention over the year, particularly with the advent of Bitcoin-based NFT projects like Ordinals. According to DefiLlama, the capital locked on Stacks has grown exponentially from $7 million to $50 million since the beginning of the year.

Stacks Current Market Position

The token, which commenced the year trading at $0.21, currently stands at $1.48. This marks its highest level since February 2022, as per data sources.

Edited by Jonathan Stoker