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.

1. 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).
2. 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.

Buying to speculate and buying to convert both can make sense when HBD is below $1. @demotruk describes some of the risks. Also to consider is that you can earn interest (on all HBD currently, on savings after the upcoming HF25). If you buy at 0.95 and the nominal interest is 7% (as it is currently), you are actually earning 7.4% (assuming the price does go back up to $1).