You'd essentially be acting as a market maker. You can expect that others will convert at such prices, eventually bringing the price back to $1 or above.
It is not without risk.
- If Not enough other participants are doing conversions, the price could remain low. You could be forced to sell low or do the conversion yourself (with the associated risks).
- There is also the risk that you hold until HBD goes into haircut, when you don't get a full $1 per HBD. This risk should be seen as an unlikely outcome, but you could lose pretty much all the purchasing power potentially.