Yep. The cycle of acceptance is what gives anything its value as a medium of exchange.
The only reason I will accept pieces of paper with pictures of dead presidents on them in exchange for my labor is because I know others will accept those pieces of paper as having value.
The same goes for a lump of shiny metal like gold or shiny rocks like diamonds, emeralds, rubies, etc.
These things are not very useful. They’re just not. They don’t have much intrinsic value. If other people would not accept them as having value, how much shiny metal would you want to hold? The whole mystical tangible argument “but I can hold it in my hand! It has weight, therefore its valuable!” argument is laughable.
You can grab it for 60 cents now.