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Is HBD interest rate holding Hive price down?

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@pele23
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Is HBD competition for Hive?

With all the understandable attraction HBD is getting these days, I too am very fond of the great opportunity the 20 % APR is giving us, I started wondering something. Is this interest rate on Hive Backed Dollar bringing in an unwanted effect on Hive's price? I will explain myself a little better below.

Image by @doze, thanks for the free use!

Before the interest rate on HBD savings was raised to 12 % and then later to 20 %, the main goal of Hive users was to get as much Hive Power as possible. Most even sold their HBD from posting rewards for Hive and powered that up. But now, the situation is different. I am not exchanging any HBD for Hive Power anymore. And I wonder if people aren't starting to sell their Hive for HBD instead? Because, it is a "risk free" investment, with a certain return of 20 %, 21.94 % actually, if you calculate in the compounding interest. To get these kind of returns on HP, you need to curate extremely well, and you need to be sure that Hive doesn't drop in price. In theory, and probably in real life too, HBD will always be worth around 1 USD worth of Hive. So, why wouldn't people start to sell their Hive Power for a more certain return on HBD? In my opinion, it is the safer move, and the most rewarding one too. Unless Hive's price spikes up...

Again, image by @doze, thanks for the free use!

So, my question here is, aren't we creating an unfair advantage for HBD against Hive itself? Isn't this creating sell pressure for Hive? This is all just speculating that I am doing, because I have no statistics of how much more Hive Power got powered down and sold for HBD since the interest rate got raised to 20 %. But honestly, it wouldn't surprise me if it is happening on some accounts.

Correct me if I am striking out here, but I am just a little worried we are creating an enemy for Hive's price on our own blockchain...

Sincerely,

Pele23

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