Who deemed that bitcoin has any inherent value? I mean, all money is socially constructed.
How can any one person just decide that X has some value?

Unfortunately, this happens all the time, specially in a country with a disastrous goverment.
They usually reach an annual inflation of 20% or higher.
Venezuela is freaking mess, with a hyper inflation of 700-800%. Saving money is worthless there.
You are right about Bitcoin not having an intrinsic value. It's a bubble and sooner or later it will crash.