Billionaire entrepreneur Peter Thiel offered up a defense of Donald Trump and his support for the GOP nominee in a speech Monday in Washington, arguing that no matter what happens in the Nov. 8 election, what Trump represents "is not going away."

Throughout his nearly hour-long event at the National Press Club, Thiel spoke out about why Trump resonates with him and voters, all the while predicting a "new Republican Party" that will follow after the November election no matter what happens to Trump. He argued that while Trump is by no means humble personally, his policies will lead to humility.

"The big things he's right about amounts to a much needed dose of humility in our politics," Thiel argued, pointing to trade and foreign policy as the "big things" he is right about. "Very unusually for a presidential candidate, he has questioned the core concept of American exceptionalism. He doesn't think the force of optimism alone can change reality without hard work. Just as much as it is about making America great, Trump's agenda is about making America a normal country."

"No matter what happens in this election, what Trump represents is not crazy and is not going away," Thiel said. "He points toward a new Republican Party beyond the dogmas of Reaganism. He points even beyond the remaking of one party to a new American politics that overcomes denial, rejects bubble thinking and reckons with reality."

Speaking before a roomful of journalists, the PayPal founder pushed back against the media's characterization of the GOP nominee, specifically on his policies. He said that the media should not take his policies "literally," but rather view them "seriously."

"I certainly don't support the language Trump has used in every instance, but I think one thing that should be made distinguished here is that the media always is taking Trump literally," Thiel said. "It never takes him seriously, but always takes him literally. I think a lot of the voters who vote for Trump take Trump seriously, but not literally.

"So when they hear things like the Muslim comment or the wall comment, or things like that, the question is not like, 'Are you going to build a wall the Great Wall of China,' or 'hHow exactly are you going to force these tests?'" Thiel said. "What they hear is, 'We're going to have a saner, more sensible immigration policy. We're going to try to figure out — how do we strike the right balance between costs and benefits?' On immigration, it's not all or nothing."

Thiel, who spoke on Trump's behalf at the Republican convention this summer, did have some criticism of the GOP nominee. He distanced himself from the lewd comments Trump made on a leaked video in 2005 on a hot microphone to then-"Access Hollywood" host Billy Bush, calling them "extremely inappropriate" and "clearly offensive." He also said that he does not support a religious test for Muslims who wish to enter the United States.

Two weeks ago, the billionaire donated $1.25 million to Trump and pro-Trump super PACs, which he said he didn't think too much about, saying that he didn't think the billionaire real estate mogul needed his money.

"I didn't even think much about the donation as I should have," Thiel said. "My general perspective on this year was that money actually didn't matter that much. The candidates who raised the most money on the presidential level did incredibly badly.

"I didn't even think that Trump needed my money. He hadn't raised that much money. They hadn't asked me for money. I hadn't donated. And so when they asked me, I wasn't sure they needed it, but I thought I'd go ahead and write them a check."