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".
I don't think you know what "shitcoin" means.
A shitcoin is
not a cryptocurrency that is small with low price and is used by a few people. A shitcoin is a cryptocurrency that has one or more of the following characteristics: useless, has many bugs, has nothing new to offer, centralized, mutable blockchain, has a flawed protocol, etc.
Bitcoin is none of that, not now and not back in 2009.
When Bitcoin started, it was (as it is today) a decentralized censorship resistant payment system with a solid protocol and an immutable blockchain and a capped supply.