Tax bros, is this true. (Crypto related)

That is correct

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Obviously does reset your clock for long term capital gains

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This is the big one, also you pay fees both ways.

Not sure it’s worth it unless you have significant losses to harvest.

But what if I want to buy it back in 5 seconds??

If you are not offsetting gains in the same tax year just be aware if your total capital losses exceed your total capital gains, you can deduct the excess loss against your ordinary income, up to an annual limit of $3,000 if you are single or married filing jointly (or $1,500 if you married filing separately). You can then carryover your capital losses up to $3000 per year (if you have no future capital gains) until the total capital loss is applied to tax returns.

In your case $37,000 loss, if you had no future capital gains, it would take you 13 years to apply the full capital loss, at an agonizing $3000 max carryover loss per year.

However, even if you have no capital gains in the tax year you sell your Bitcoin, if you have net capital gains in future tax years you can potentially apply the $34,000 carryover loss against ordinary income much faster.

For example, in the tax year you take the $37K Bitcoin loss, you also have no capital gains to partially offset the loss, you can only apply a $3000 capital loss against ordinary income, and you will have a carryover loss of $34,000 to future tax years. In the next year if you have $50,000 in net capital gains, in that tax year you owe capital gains taxes on $50K minus $34K carryover = $16K. So you applied the full $37K in capital losses in just two years.