Nasdaq’s decision to submit a proposal to the Securities and Exchange Commission (SEC) seeking to update the Nasdaq Crypto Index (NCI) has received criticism. Willy Woo, a top analyst in the crypto space, opines that categorizing XRP with Bitcoin (BTC) is a flawed decision.
Willy Woo calls for rethink over Nasdaq’s proposal on adding XRP
For clarity, Nasdaq proposes updating the NCI to include XRP, Solana, Stellar and Cardano in the list of assets in the Hashdex Nasdaq Crypto ETF (NCIQ).
In a post on X, Woo argues that Bitcoin should not exist in the same category as these other assets like XRP. He insists that Bitcoin is a monetary commodity just like gold, although it is digital and decentralized.
The analyst maintains that Bitcoin is a store of value like gold and has a fixed supply.
In contrast, Woo considers most other altcoins, like XRP, to be trustless programming platforms for executing smart contracts and building decentralized applications.
He insists that Nasdaq’s application to the SEC to include XRP in the same category as Bitcoin in one benchmark index misses a vital point. That is, the key difference between “money” and “tech platforms.”
Woo: Remove Bitcoin from Nasdaq Crypto Index
Woo suggests that a better approach would have been removing Bitcoin from the index altogether.
“If NASDAQ was sophisticated it would have also submitted to REMOVE BTC from the crypto benchmark index,” he wrote.
This implies that the Nasdaq should have created a different category for Bitcoin as a monetary asset to distinguish it from the tech platforms.
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The top analyst highlights that mainstream institutions like Nasdaq and investors are still in the early stages of understanding Bitcoin’s unique role in the digital currency ecosystem.
As of press time, XRP was trading up by 0.72% at $2.23 while Bitcoin exchanged at $105,659.64, representing a 1.78% increase in the last 24 hours.
