It's more than a piece of elastic. The captain has to be a natural leader, as I said before.
If VVD was captain, I don't think he would have gone missing in Kiev. Handing Hendo the armband last week, was less about respect, and more about team policy. If Hendo is out there, he has it automatically.
This is not to say Hendo shouldn't be out there, he does a solid, functional job adequately enough, but you need more qualities than that to be captain imo.