Legendary investor Drucken Miller: Banks and cryptocurrencies are soaring, and the market is “very convinced” that Trump will win

The Zhitong Finance App learned that Stan Druckenmiller (Stan Druckenmiller), a well-known hedge fund manager who has managed the Soros fund for over 10 years, said in an interview on Wednesday that in the past 12 days, the market seemed “very convinced that Trump will win”, adding that “you can see this in the bank stock and cryptocurrency markets.” Drucken Miller said that before next month's US presidential election, the market is digesting expectations of Trump's victory.

He won't vote for Trump or Vice President Kamala Harris, though. Drucken Miller called Trump a “bragger” and hinted that he didn't have enough dignity to serve as president, while saying that Harris's presidency would be bad for business. Drucken Miller, who did not donate to any of the candidates, said, “When I go to the polling place, I might write someone's name.”

Drucken Miller, 71, managed money for George Soros for over a decade and funded Nikki Haley's primary campaign 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 said that if there is a so-called “blue sweep” (that is, the Democratic Party wins a big victory in the general election), the stock market may be in trouble within the next three to six months. He also said that the red sweep (that is, the Republican Party won a big victory in the general election) “may be more likely than President Trump and the Blue Congress (meaning Congress controlled by the Democratic Party).”

Scott Bessent (Scott Bessent), who also worked for Soros Fund Management (Soros Fund Management), has been advising the Trump campaign on economic issues. He proposed the idea of establishing a shadow chairman of the Federal Reserve. Before current Chairman Powell's term expires in May 2026, the shadow chairman may become a potential comparison and alternative for Powell.

However, Drucken Miller said that the shadow chairman of the Federal Reserve “is a terrible idea and irresponsible.”

He said that it was a mistake for the Fed to cut interest rates by 50 basis points in September, and his company, the Duquesne family office, shorted the bonds after the Federal Reserve announced interest rate cuts.

Drucken Miller said that the market needs to ease expectations about the speed and extent of the central bank's monetary policy relaxation.