How to interpret Genesis 1:1, given it is a Young Earth, and Old(er) Universe?

Here is a quote from a fascinating study on genesis one.

"For this they willingly are ignorant of, that by the word of God the heavens were of old, and the earth standing out of the water and in the water: Whereby the world that then was, being overflowed with water, perished: But the heavens and the earth, which are now, by the same word are kept in store, reserved unto fire against the day of judgment and perdition of ungodly men." (2 Pet 3:5-7 KJV)<

People assume that the mention of the word "water" in the above passage makes it a reference to Noah's flood and the antediluvian world of man, but it is not. The phrase "willingly ignorant" and common sense should tell you otherwise. After all, anybody even remotely familiar with the Bible knows about Noah's flood. No, the verse is speaking about something else, and the only other place in the Bible where the Earth was covered in waters is Genesis 1:2. The ramifications are obvious: The Bible itself reveals that the "heavens and the earth, which are now" (made during the seven days) was not the first-time creation of all things. The Word of God is telling the observant reader there was a previous world on the face of this old Earth before the present world of man.

It's another view of Genesis and the world that may have existed before the re-creation started in Genesis two.

It makes a lot of sense to a lot of people… I would suggest to thoroughly look at all the Scriptures when studying it out and make up your own mind.

Here is a link to add to your study if so inclined.

https://www.kjvbible.org/gap_theory.html

There are a number of viable ways of interpreting the creation account in Genesis. It's kind of like prophecy in reverse. Just like there are a number of end times interpretations, so there are also different interpretations of the creation account.

After the initial creation of the "heavens and earth" though a developmental process possibly lasting billions of years, there was the terraforming of the earth. The creation week described in Genesis could have been done in a rapid manner in a period of 148 hours, in a series of lengthy developmental stages stretching eons of time, or even in one flashing moment in time (e.g. with the appearance of timeless age built into the fabric of reality). St. Augustine writes: "Our seven days resemble the seven days of the Genesis account in being a series, and in having the vicissitudes of morning and evening, but ... they are God-divided days in contradistinction to sun-divided days;..."

One note to keep in mind is that Genesis 1:14-18 could be interpreted as mentioning lights appearing in the sky to mark off days, seasons, etc. That's because the Hebrew verb "wayya" can be translated as "had made." This is possible because the Hebrew language has no special word for the pluperfect tense but uses the perfect tense or the converse imperfect to express the English past or the English pluperfect. See S.R. Driver "A Treatise on the Use of the Tense in Hebrew, (Oxford: 1892), p.86.

I don't know if this will help or confuse you, but here it is.

Gen 1:1 is actually "the heavens and the earth". "Heavens" is plural in the original Hebrew and in almost all translations. (I suspect you're using the original King James version, not the New King James Version.)

2Cor 12:2 explicitly mentions that "… one was caught up to the third heaven" and experienced a vision of God's heaven.

• The first heaven is the Earth's atmosphere: the air, with clouds, birds, whirlwinds, etc.
• The second heaven is space, planets, stars, the rest of the universe.
• The third heaven is God's home, spirit not physical.

And to start you on your next step, note that there is nothing in the Bible that prevents "the beginning" of Genesis 1:1 from being 15 billion years ago, and Genesis 1:2 from being only 6 thousand years ago.