Why did Supermassive Black Holes Already Exist in the Early Universe?

Recent observations show that there are many more and much older black holes than previously known. What is particularly puzzling is that supermassive black holes containing more than a billion solar masses already existed in the very early universe. To date, there is no conclusive explanation for how such gravity monsters could have been created in such a short time after the Big Bang. The "Cosmic Time Hypothesis (CTH)" offers a solution to this problem [1]. According to this hypothesis, the early universe had much more time at its disposal than according to the "present-time scale" and the material-condensing forces were much stronger than now. Therefore, objects with extremely large masses could form in a very short "today-time".