How can investors evaluate the potential attractiveness of a proposed blockchain application? Here are three key questions to ask. Note to All Readers: Bitcoin and other cryptocurrencies are a very speculative investment and involve a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. Information provided by Bernstein is not intended to be, nor should it be construed or used as investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest in cryptocurrency. Bernstein does not offer cryptocurrency products and investments in cryptocurrency is not suitable for all investors.