Hypothesis 2: "The Bitcoin in 2009 was (subjectively) not the same as Bitcoin in 2025. It was not even similar to it. The Bitcoin in 2009 rather resembles the shittiest shitcoin in 2025".
It's not the same because in 2009, it was early and it was really design for micro-payments by Satoshi, so how can it be a shitcoin when it was established a used case already. Of course it's not the same as 2025 because Bitcoin has evolved,
a. store of value
b. hedge against inflation
c. sound money
d. can be traded in an exchange
So your argument is very flawed mate.