The Best Logic is Deflationary Logic ($TLT)

More and more folks are arguing that in the event of an imminent United States sovereign default, there’s only one thing to hold: United States sovereign debt.

Prices will rise on scarcity value, essentially. On one reading, it’s simply a bet that the US treasury would prioritize coupon payments on the current stock of Treasuries, even as it’s prevented from new issuance for a time. There’s a deflationary logic to it too assuming the economy tanks on the snap withdrawal of fiscal stimuli.