We have some value on a global distributed ledger.

We had the ability to frictionlessly store and transfer value.

And that was Bitcoin.

Now, the next logical step is just clarifies the value, lend the value, borrow the value,

or transfer the risk of the value.

And that's Defi.

It's really the next logical step.

So that's why I say, like, if you

understand Bitcoin, there's absolutely no excuse for not understanding Defi. It's the same thing.

It's just the next logical step. So I think Defy is here to say.

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, nexo.io, and elliptic, and produced and distributed by

CoinDesk. What's going on, guys? It is Wednesday, October 7th, and today my discussion is with Chow Wang, and we get into everything from Bitcoin's macro resilience over the last couple weeks to where Defi is in its cycle and what the long term actually looks like, what threats could undermine it and whether or not Bitcoin ends up as

the reserve asset for the whole space. First up, however, let's do the brief. First up on the

brief today, we really are testing the theory of just how reliant on stimulus the markets are.

Maybe the biggest question for traditional markets over the last few weeks

has been whether there will be another stimulus package. When it seems like deals are getting

closer, markets go up. When it seems like the parties are getting farther away, markets go down.

This has gotten so significant that markets, which are historically hostile, at least on the

face of it, or from a narrative perspective, to a shift to the left, have gotten down with the

idea of a Biden win because they think it might mean a bigger stimulus.

Well, yesterday President Trump tweeted out that he had ordered Mitch McConnell to stop

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