Druckenmiller Throws His Support Behind Trump Administration, Says He Is 'Quite, Quite Optimistic'

Druckenmiller, the founder of Duquesne Capital, was a guest on CNBC's "Squawk Box" on Thursday to share his outlook on the U.S. economy after Tuesday's election.

"I'm very hopeful and optimistic on what it means," he said. "As you probably know, I didn't support either candidate; I'm more from the Paul Ryan school of economics, but to me, it has been very frustrating to watch monetary radicalism over the past four years."

Trump's Economic Growth Policies

Druckenmiller continued that a Trump administration is likely to implement what he believes to be the right policy to spur economic growth, namely deregulation and tax reform.

Granted, there are likely to be some bumps in the road on the trade side of Trump's policies, but the fears of protectionism that Trump wants to implement are "greatly oversized relative to the benefits of the other parts of the economy."

House, Senate And White House

He further stated that he is "quite, quite optimistic on the economy," especially since the Republican party is also in control of the Senate and House, which makes now the best time to implement the much needed reforms.

Druckenmiller also suggested that Trump avoid replacing Janet Yellen as head of the Federal Reserve prior to the end of her term in 2018. In terms of interest rates, he reiterated what many are already saying that the markets are pointing to a rate hike in the near term.