A billionaire investor and former money manager for George Soros explained why he thinks markets are “very convinced” that former President Donald Trump will win the 2024 election.
Over the last 12 days, Wall Street has seemed “very convinced Trump is going to win… You can see it in the bank stocks, you can see it in crypto,” Stanley Druckenmiller said Wednesday in a Bloomberg Television interview.
It indeed was a big week for bank stocks, as market data showed positive year-over-year indicators for Bank of America, Wells Fargo, Citibank and JPMorgan Chase.
Additionally, a new report out Thursday from Chainalysis has found that North America dominates the crypto market globally, with an estimated $1.3 trillion on the blockchain.
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When asked who he plans to vote for in November, the investor responded: “I certainly would never support either one of them.”
Druckenmiller previously worked as a hedge fund manager for left-leaning media tycoon George Soros before founding his own investment firm Duquesne Capital in 1981.
He also reportedly told Bloomberg that he believes Trump is a “blowhard” and a Harris-Walz presidency would be bad for business.
“I’ll probably write in someone when I go to the polls,” he said.
Turning his focus to Congress, Druckenmiller predicted that it is “extremely unlikely” for Democrats to gain control of both chambers – even if Vice President Harris is elected – and that a red sweep is “probably more likely than a Trump presidency with a blue Congress.”
Another Soros fund alum, Scott Bessent, made an appearance on FOX Business’ “Mornings with Maria” this week, arguing that Trump is proposing a “growth agenda” and that the world’s leaders know “he means business.”
“I’m expecting that President Trump’s going to win. And that I would like to help any way I can, inside or out. But there are no jobs if he doesn’t win,” the Key Square Capital Management CEO said on Wednesday.
“Donald Trump has added a new leg to the Trump stool. Alexander Hamilton loved tariffs. He’s the original tariff man, and he did it to raise revenues and to protect American industry. Donald Trump has added the negotiating leg,” Bessent added.
Market betting odds have also heavily skewed in Trump’s favor, according to the Wall Street Journal, as four Polymarket accounts have poured about $30 million in crypto into bets that the 45th president will win.
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