Technology billionaire Peter Thiel has reiterated his support for Donald Trump. He said that irrespective of the outcome of the election, what Trump represents is not "going away."

Last month, Thiel announced a donation of $1.25 million to Trump's election campaign. He claimed that Trump is rejuvenating the system which is in need of change.

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Speaking at the National Press Club in Washington, Thiel said that the condition of the country is crazier than the ongoing elections. He lambasted Washington saying that officials are out of touch with the realities of ordinary Americans. "No matter what happens in this election, what Trump represents isn't crazy, and it's not going away," he said.

Thiel also backed Trump's stance on government regulation. He defended the Republican presidential candidate's opposition to free trade deals. Thiel said that the free trade ideology should not be used as an excuse for decline. He also said that Trump is laying the foundation of "a new Republican Party."

However, Thiel said that he does not agree with Trump's plan to "open up" libel laws. He also expressed his opposition to some of Trump's other policies such as banning the entry of Muslims into the United States. Thiel explained that Trump's allies take the candidate "seriously, but not literally."

Thiel has received flak for his continued support for Trump. His earlier donation was widely criticized by Silicon Valley. However, many of his collaborators including Sam Alton of Y Combinator and Marc Zuckerberg of Facebook have defended Theil's right to express his views.