That’s literally what is designed to happen. Transaction fees replace the subsidy long-term.
Discussion
Not just replace. Limited blockspace and growing demand for it means growing fees. We'll look back on these $15 fees fondly.
It's not hard to see the logical conclusion of what you said
As tx fees continue to climb 90% of users won't be able to afford to transact on chain. Whats left? Custodial services and faulty second class citizen layers.
Michael Saylor and Max Keiser will be the lucky few able to sparingly transact on chain
Yeah, which is why I’m hoping these high fees encourage bitcoiners to support scaling updates. As the network gets more expensive, scaling solutions will need to happen or else only the wealthy can afford to hold their own keys.