Bitcoin doesn't have ERC20 tokens or a programming language like Solidity, so the backend isn't going to be the same as ETH defi. However, I do believe you can create decentralized financial applications for bitcoin that on the frontend function the same for the users as ETH defi. It's going to be engineered with a different design philosophy and more centralized/decentralized in some areas, but accomplish the same goal for the user.
As we know, the weak point of Ethereum right now is the network fees, and I think Jack Dorsey is trying to hit Ethereum where it hurts. With the lightning network bitcoin fees are reduced to near 0. Another weak point for Ethereum Defi is user interface. If Jack Dorsey can build a platform with a more friendly and easy user experience, I could imagine Bitcoin Defi stealing some of Ethereum's thunder.