...There is no need building an emergency funds to protect your bitcoin investment when you don't have any bitcoin because you have nothing to protect...
I think this your statement is very wrong. Emergency funds is very important for anyone whether they are investing in bitcoin or not. Since emergency situation like paying of hospital bills, car repairs , accident etc, this are situation that we don't have control over hence there is need to have an emergency funds since since such emergency situation doesn't just occur to bitcoin investors alone. Having an emergency funds before investing in bitcoin will help in protect your assets.
If a person does not already have an emergency fund, then it will never be a good decision for him to wait to create an emergency fund. If someone already has an emergency fund, then it is very good. If someone does not already have an emergency fund, then he can create an emergency fund along with investments, it will be very good for him.
I think that it would be best to divide the funds into three levels. For example, cash, reserve fund, emergency fund. If a person divides his funds into three levels, it will be very good for him. For example, to deal with small financial crises, he can take money from cash, when it is not possible to deal with cash, then he can take money from the reserve fund and finally, if there is no other way, then he can take money from the emergency fund. If a person builds his funds in this way, it will be best.