The interest rates would be correspondingly different. Look up the no-arbitrage principle. It explains why all of these concerns are silly. If you can’t be bothered to do that, just know that the general premise is “it all works out”.

In particular, the risk-adjusted deflationary returns are already priced in to the asset’s current price, so you can’t actually make any (time-discounted) expected money just from holding on to a deflationary asset. You can, on the other hand, lose money by holding on to dollars, but only because its utility from convenience sort of counteracts the deflationary loss of future value (up to some small amount of dollars, at which point you start thinking “I should buy stocks or something instead”).