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cata comments on Why you should consider buying Bitcoin right now (Jan 2015) if you have high risk tolerance - Less Wrong
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What's the point of dollar cost averaging? Why not just pick a % of your asset allocation that you want in Bitcoin and rebalance from 0% up to that ASAP? I see this as a special case of the virtue of rebalancing as often as possible.
It's just a hedge for if you're risk-averse or if you're worried that market fluctuations will negatively influence your behavior about when to rebalance or invest. Here's a Vanguard study comparing the two historically if you're curious.