Emergency funds and reserves funds are two different things and they are use for entirely two different purposes. So I believe it will be misconception to view the two thing as the same thing. Emergency funds is not just for bitcoin investment so it will be wrong to make it look as if it is only when we are investing in bitcoin that we are supposed to have emergency funds. Even those that aren't buying bitcoin needs emergency incase of unforeseen contingency since no one can actually predict the future.
Emergency fund is designed to protect Bitcoin investment. For example, when all your money runs out and you have no money left except for the emergency fund and selling your holdings, you can save your holdings by taking the money from the emergency fund. If you take money from the emergency fund for small financial crises, then this will never be the right approach. You can create some other funds in addition to the emergency fund. For example, you can create a reserve fund, then you can overcome your financial crisis by taking money from all these funds during your small financial crises.
If a person relies only on the emergency fund, it will never be the right decision. Because many times we face very big financial crises. Then it is seen that even with the full amount of our emergency fund, our financial crisis cannot be resolved. So it is better to create some separate funds in addition to our investments