You can buy options. Though one thing to be aware of is counterparty risk. If bitcoin were ever to go to its true value (ie ~0), then you might find that your p

You can buy options. Though one thing to be aware of is counterparty risk. If bitcoin were ever to go to its true value (ie ~0), then you might find that your put options have also become valueless, because the providers of such options are, by and large, horribly exposed in such a scenario. It is also likely to be very _expensive_, and the market can of course stay irrational longer than you can remain solvent.