• Chris Burniske has tipped Stacks as the next major push for Bitcoin’s growth.
• Stacks is designed to bring smart contracts, decentralized applications (DApps), DeFi and NFTs to the Bitcoin blockchain.
• The top 100 holders of bitcoin control approximately 14% of its total digital currency in circulation compared to Dogecoin’s 67%.
Chris Burniske Tips Stacks For Bitcoin’s Growth
Chris Burniske, veteran analyst with deep ties to Place Holder VC and Ark Invest has identified Stacks as the only protocol that could help drive the functionality of the Bitcoin blockchain. This would open up a plethora of opportunities including smart contracts, decentralized applications (DApps), DeFi and NFTs on the protocol. Consequently, this recognition has pushed STX prices up by 9.09%, jumping 127% in 7 days.
Stacking Up Against Ethereum
The success of Ethereum lies in its wide array of Layer 2 protocols and solutions which offer a variety of use cases for users. In comparison, Bitcoin only has two: Lightning Network and Stacks. As such, this makes Stacks an attractive option for those looking to bring similar functionalities from Ethereum over to Bitcoin – bringing it closer towards parity with Ethereum in terms of feature set.
In order for investors to back a token or cryptocurrency long-term, they need assurance that there is a potential use case behind it – such as what Stacks offers with its aforementioned featureset. With confidence increasing in this new layer 1 solution, it looks like we can expect more mainstream adoption going forwards.
Onchain data shows that top 100 holders control around 14% of circulating bitcoin supply – much lower than other tokens such as Dogecoin where holders control 67%. This low distribution could be seen as either positive or negative depending on your outlook; while it may suggest centralization amongst key players, it also offers more room for growth through decentralization should more people jump into owning BTC tokens due to increased feature sets offered by projects like Stacks.
A Bright Future Ahead?
Analysts agree that Bitcoin is on track for a unique future thanks largely in part due to its technology and token distribution – something which projects like Stacks hope to build upon further by providing an attractive alternative for investors looking at investing into cryptocurrencies offering innovative technologies such as DeFi and NFTs .