That’s exactly how it works. Things only have value when there is a consensus. Gold is more valuable than helium despite them both being rare and difficult to mine because gold can be more easily exchanged. Coco brands used to be currency until people realized that they could get more and crashed the system. Bitcoin is accepted by enough people now (and the number continues to grow) that it does have value, and based in the rules of the system, it will cannot be mined indefinitely; there is a finite amount. That is why it’s more stable long term than usd. And, in our current world, why it is easier to move and cover than actual metals.

No, it really is. People don't spend 50k on something of no value. Maybe a fluke but we are talking entire markets here. People trade on crypto markets because there is value dip shit.