Billionaire technology investor Peter Thiel, a lightning rod for criticism in Silicon Valley for his support of Donald Trump, predicted on Monday that the movement the Republican presidential nominee has created would carry on even if he loses his bid for the White House on Nov. 8.

"No matter what happens in this election, what Trump represents isn't crazy, and it's not going away," Thiel said in a speech to reporters at the National Press Club in Washington.

Thiel, who announced earlier this month he was donating $1.25 million to help Trump get elected, said the New York businessman was laying the groundwork for "a new Republican Party" that will go "beyond the dogmas of Reaganism."