Almost certainly. There'll come a point, market saturation/whatever, when people won't upgrade as often. At that point, given the usefulness/ubiquity/necessity or a smartphone with 'sufficient' capacity, 64GB makes sense.

Today one of my colleagues asked me to look at a SolidWorks CAD file a couple of orders of magnitude smaller than similar models in an export folder. Even at 78kb it was perfectly viable.

He escaped lightly. I almost mentioned the total combined capacity of my first three computers didn't exceed that of that single file.

Can I haz TB phone now?