Although, at that time, it could have been seen as the reason for the upward momentum to stall.
Probably, we would still had a runway to cut it and bounce back. Now, we don't have that runway. And conversions from HBD to Hive would not caused ton of inflation. Because in essence, inflation from HBD is based on Hive price. When Hive was 1 USD then all the HBD would have amount to 11M Hive. Now it amounts to 110M Hive.
We want people to convert to HBD at these times and remove ton of Hive from circulation, and when times are good we want them to convert from HBD to Hive and reduce our debt.