An emergency fund is definitely important for investing but not all investors can invest by building an emergency fund. There are some investors who have a small amount of money to invest and they start their investment with that small amount of money and do not build up additional funds. Additional endowment is usually done to ensure continuity of investment in which case those who have good financial support can create additional funds to ensure continuity of investment. But I think it has to be done as an investor has no such thing. Emergency fund can be stressful for some people and surely an investor can't hold his investment for a long time with pressure so those investors can invest as they want in this case there is no need to take this pressure. Investors can invest as and when they want and with as much comfort as they can invest, so if it is not possible to build additional funds, then there is no reason to take this matter as a pressure at all. Additional funds can be taken by an investor only as an optional means.
If a person buys into bitcoin and does not develop an emergency fund, float and/or reserve, then he is gambling. Not investing.
Yes, it might work out for him, but I would not call that either investing nor smart, especially if we are talking about bitcoin.
If they can only gamble and they are unable to invest, then that sounds like a choice.. but sure, it is true that some people have not developed enough patience, self-discipline and/or organization to actually invest, so they end up gambling with various kinds of assets in life (perhaps including bitcoin), and sometimes they call it investing rather than admitting that they are gambling.
True, rather than intending to hold Bitcoin for the long-term, a large number of Bitcoin investors do so in the hopes of generating a quick profit. When that's the case, it appears to be gambling rather than investing. I couldn't agree more when you say that having a form of reserve, float, and/or emergency fund are essential. Regardless of what one is investing in, it is important for everyone to have these things in place. In order for people to make wise financial decisions, I believe it's critical to enlighten them about the distinctions between gambling and investing. Taking a measured risk is perfectly acceptable, but you should always weigh the rewards and risks. The potential for instant profits is what attracts a lot of folks to Bitcoin, but they might not be aware of the risks. When you decide to make any investments, it's critical to know exactly what you're getting into.