Probably. On the other hand if chips get as optimized as they can get aside from further advance of Moore's Law, and they're produced in mass quantities, maybe people will start using them as heating elements in home water heaters.

A lot of the emerging currencies are focusing on memory-constrained hashing algorithms. RAM has price/energy ratios similar to what I mentioned for ASICs, and is already in mass production and about as optimized as major industry is able to make it.