I guess my point with all of this is that I do have the sense that this narrative shift of

DeFi summer to Bitcoin fall makes a lot of sense and is likely to be borne out in reality.

However, I also think that it just reflects a recalibration to a more natural state of things

in terms of where we are as an industry.

Defy is the hot new speculators paradise. However, Bitcoin

never went away, truly. In fact, it just kept reinforcing its position as a mature asset in the

macro context. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDess.

What's going on, guys? It is Wednesday, September 30th, and today we are talking about,

while it might have been a defy summer, it seems poised to be a Bitcoin fall. First up, however,

let's do the brief. First on the brief, a quick follow-up to yesterday's discussion of Coinbase.

Aside from sharing both sides of the response to Brian Armstrong's letter about trying to

depoliticize Coinbase, my main takeaway was that apolitical is actually a political position.

I thought, and I still think, that there would be, on the one hand, a lot of employees who liked this position, who liked the idea of

checking certain political conversations at the door. I also thought that there would be many

who wouldn't like this, who feel like it denies an entire part of themselves, who feel like

there's a line that's not clear, who want to work for a company that is explicitly aligned

with their values. Neither of these is by definition right or wrong. They're just different

preferences. What's more, my feeling was that if this becomes commonplace, you're actually

going to see the jobs marketplace

start to follow the political balkanization that every other public sphere has gone through

over the last however many years.

...