I’d guess that over the long run this wouldn’t happen as long as their is still some faith in the value of the coin.

I could see this happening temporarily if the price of Bitcoin were to significantly drop for a sustained period of time I’d wager there would be a lag period between what people think the coin is worth and what the market values its worth at leading to an unwillingness to transact / mine for a period of time. Once people’s perception of the coin’s value and the market value realign I imagine transactions would start flowing again.

(I’m curious of what others think of this.)