How would you protect your potential profits?
By leaving them in Bitcoin. Converting them to fiat is just plain stupid.
Of course you can spend a little on some personal toys. Some people like cars.
I prefer this nice little private lake on almost 400 acres (over 150 hectares) of pristine forest:
Yes, I totally agree. OP is thinking too much in fiat terms. I you really believe in bitcoin, in its future, in its potential as the best safe-haven store of value in the world, you won't sell you bitcoin to "protect" your earning from some short-term fluctuations. Just HODL.
I also agree that you can sell small portions as it goes up, as I have done.