In a true deflationary environment, then only thing that is going to do well are US Treasuries. Gold and Bitcoin will plummet just like every other asset class

In a true deflationary environment, then only thing that is going to do well are US Treasuries. Gold and Bitcoin will plummet just like every other asset class because by definition, prices for assets will drop. Then people will try to sell things as quickly as possible, causing the prices to drop even faster.