The leader of the Brexit Party, which will soon change its name to Reform UK to protest against lockdowns, claimed there were several positive outcomes for the Republican party despite overall defeat.
“Let's be clear about the outcome of this election,” Nigel Farage, a longstanding ally of Trump’s, told Andrew Castle on LBC radio.
“Number one, the Republicans gained seats in the House of Representatives. Number two, they're going to hold on to the Senate. Number three, Trump broke into the black vote, the latino vote in a way no modern Republican leader had done before.”
“He may have lost but this is by no means a disaster for the Republican party," Farage confirmed.
“If Donald Trump runs again in 2024 he’ll be younger than Joe Biden is now. I know Trump well enough to know, he just doesn’t believe in defeat - there’s no such word in his vocabulary.
“He will see this, in my opinion, as a temporary setback on the road. I think he’s the candidate for 2024, I really do.”
It comes after Farage lost £10,000 having bet on Trump to win in the run up to election day earlier this week.
Farage posted a picture of himself holding a sign displaying the 15/8 bet in Washington DC with the Capitol building in the background as the polls closed on 3 November.
He placed the wager after Trump’s former attorney Michael Cohen put down $10,000 on a Biden victory.
Trump has so far refused to concede defeat in the election despite Biden passing the 270 electoral college votes needed for victory on Saturday.
Watch: What happens next after Biden election victory?
Instead he said in a statement the election was "far from over", and accused the former vice president of "falsely posing as the winner".
The Trump campaign has recently brought lawsuits in the battleground states of Pennsylvania, Georgia, Michigan and Nevada, all of which were crucial to Mr Biden's win.
Most of these have been dismissed, but the Trump campaign has vowed to file more cases next week.
In a statement issued while golfing at his club in Virginia, Mr Trump said: "The simple fact is this election is far from over.
"Joe Biden has not been certified as the winner of any states, let alone any of the highly contested states headed for mandatory recounts, or states where our campaign has valid and legitimate legal challenges that could determine the ultimate victor.
"Beginning Monday, our campaign will start prosecuting our case in court to ensure election laws are fully upheld and the rightful winner is seated."