Legendary investor Drew Miller: Banks and cryptocurrencies rise together, the market is "very confident" that Trump will win
Legendary investor Drew Ken Miller stated that the market is "very confident" in expecting Trump to win the U.S. presidential election, noting that this is reflected in the banking and cryptocurrency markets. He criticized Trump and Vice President Harris, believing that Harris' election would be detrimental to business. Miller predicted that if the Democratic Party were to win big in the election, the stock market could face difficulties in the coming months. He also opposed the proposal to establish a shadow chairman of the Federal Reserve
According to the Wise Finance APP, Stan Druckenmiller, a well-known hedge fund manager for Soros Fund Management for over ten years, stated in an interview on Wednesday that in the past 12 days, the market seemed "very convinced that Trump would win," noting that "you can see this in bank stocks and the cryptocurrency market." Druckenmiller mentioned that the market is digesting the expectation of Trump's victory ahead of the upcoming U.S. presidential election next month.
However, he mentioned that he will not vote for Trump or Vice President Kamala Harris. Druckenmiller referred to Trump as a "blowhard" and implied that he lacks the dignity to serve as president, while he stated that Harris as president would be unfavorable for business. Druckenmiller, who has not donated to any candidate, said, "When I go to the polling station, I might write someone's name."
The 71-year-old Druckenmiller managed funds for George Soros for over a decade and supported Nikki Haley in her primary challenge against Trump. He predicted that even if Harris wins the presidential election, it is "highly unlikely" that the Democratic Party will gain control of Congress.
He mentioned that if a so-called "blue sweep" (meaning a Democratic landslide in the election) occurs, the stock market may face difficulties in the next three to six months. He also stated that a "red sweep" (meaning a Republican landslide in the election) "is more likely to happen than a Trump presidency and a blue Congress."
Scott Bessent, who also worked at Soros Fund Management, has been providing economic advice to the Trump campaign team. He proposed the idea of establishing a shadow chairman of the Federal Reserve, which could serve as a potential check and alternative to Chairman Powell until his term expires in May 2026.
However, Druckenmiller expressed that a shadow chairman of the Federal Reserve is a "terrible idea and irresponsible."
He mentioned that the Fed's 50 basis point rate cut in September was a mistake, and his firm, Duquesne Family Office, shorted bonds after the Fed announced the rate cut.
Druckenmiller emphasized that the market needs to moderate its expectations for the speed and extent of central bank monetary policy easing