Setting up emergency fund is supposed to be considered the right way to approach bitcoin investment, even if surely most people may not consider it necessary when getting started. But I still feel that our emergency fund need to come first before any other thing, because getting started with the hope of setting up emergency fund along the line seems very risky as we don't know when emergency issues will poop up.
There is no business or investment that is risk free including bitcoin investment so stating that an investor should first have an emergency fund before getting started is risk free is not taken since it might make some newbies feels if they can set up an emergency fund before getting started can make get free from any risk attached to bitcoin investment. What an investor needed to consider first before buying bitcoin is their discretionary income there is also nothing wrong if an investor chooses to set both discretionary income and emergency fund before getting started if the income to so is available this is because people chooses to what they want to do but not having an emergency fund at the beginning shouldn't stop or delay you from not getting kick off with your bitcoin investment as long as you have first figure out what is to be your Discretionary income then you can start making purchases and then set up your emergency along the way.