> But having to convert to pay taxes and debts is huge pain point for trying to conduct all your business in a foreign currency. It also adds transaction costs.

To some extent yes, but for any more serious business this really isn't a problem at all. I've been running a business that makes income in bitcoin only for 5 years now, and converting for taxes and accounting is quite trivial actually. Hardly any work is spent on those problems. You know, that kind of stuff is very trivial to automatize using those computers, unlike many other problems.