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I don't know though, I mean as average investor, the money that I invested could be my emergency fund as well.
It is a very bad practice to invest into bitcoin with your emergency income or fail to build one alongside your accumulation journey. It places your investment at risk of being tampered in the face of real emergencies. Emergency funds are built only to attend to real emergencies and no other purpose.
No matter how aggressive an investor want to be in accumulating bitcoin, he or she should never make the mistake of accumulating Bitcoin with his or her emergency fund, it will put his or her bitcoin investment in danger and he or she may end up selling off his or her investment in lost when emergency arise and there is no emergency fund to handle that emergency, emergency fund is supposed to be for only emergencies and not for accumulating bitcoin it is investing mistake.
You should never buy BTC with emergency funds. Many people see the market fall and aggressively use the emergency funds they have at that time, which is completely wrong. Emergency funds are created to deal with unexpected financial disasters. If you invest with your emergency fund at that time, if an unexpected financial disaster comes, then you have no choice but to sell your holdings. In some cases, you can invest with emergency funds.
For example, you have the money to buy aggressively, but you may not be able to invest with it due to some problems. For example, you are not able to transact due to some problems or errors in the bank where you have deposited the money. You know that after some time or within 2 or 3 days, your bank account will be fixed or you will be able to transact again. But you have to be confirmed that you will get the money after some time. In that case, you can invest for some time with emergency funds.
You shouldn't invest with an emergency fund, especially until you are sure when that fund will be available. There are many who have funds but know that it will take time to get the fund, they use emergency funds. As a result, there may be risks in that money later. There are some who may depend on money lent to others, they use that money at that time in any fall in the market, but later they have to face many problems in getting their back back, which may be time-consuming and if such a situation arises, they will have to face more difficulties in investing. Although emergency funds should be used only for emergency needs, but the investor must be sure that he will get his fund back within a certain time and he will have to use his funds accordingly.