If the transaction fees are changed to algorithmically follow the block space as I expect would be an alternative solution to this, what will happen is that bitcoin will become expensive enough for an alternative crypto-currency to arise. An alternative to bitcoin which is cheaper will succeed and bitcoin will fail. Thus the only way to keep bitcoin alive is to allow for more volume, such that demand can be satisfied.

If it does ever come to bitcoin reaching it's limits, then I would be one to support another crypto-currency, as it would then be needed. I think this could be a good thing as it provides an opportunity to improve upon the many flaws of bitcoin with something new.