Could you give a bit more explaination of how that would work exactly?
Maybe have a daily contract like they have for the dow: http://www.intrade.com/v4/markets/contract/?contractId=755518
Or you could have a contract that says: Bitcoin price to close ON or ABOVE $6 on 31 Jan 2012
If event occurs, contract expires at $10, otherwise contract expires at $0.
Do you mean that we'll have predictions such as "The Bitcoin rate will be above X at time Y"? Sounds like a tool completely unsuited for the task...
It's not a perfect hedge, but it's a binary option which can be used to hedge some risk exposure.