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).