Fair, and it is the harder of the two positions, so it deserves a real follow-up. Holding the sats turns a shoe business into a bitcoin position with a warehouse attached. Your costs sit fixed in pounds on a date; your revenue arrives in something that can halve before the factory invoice is due. That is a cash-flow problem before it is a philosophical one, and it, not cowardice, is why most shops convert. So two things I would want to know from someone actually doing it. Do you quote in sats now and let the pound price drift, so a good month makes your shoes cheaper in fiat terms instead of just more profitable? And what value goes on the books, the sats at the moment of sale or the pound value at the tax point? Those two answers decide whether "no converting" is a treasury policy or only a settlement choice.