Since August 2021, Block (NYSE: SQ) (formerly Square) has shed almost three-quarters of its value, yet it's roughly at the same price levels it was in January 2020 before the bear-to-bull market experienced during the COVID-19 pandemic. Block's various businesses will likely be sensitive to macroeconomic conditions in the near future, but that shouldn't deter long-term investors.

With Block stock down 62% this year, here's why it's a buy before 2023.

Block's bread and butter has always been its Square ecosystem, which aims to make the financial side of business easier for companies. What started as point-of-sale (POS) hardware that made it easier for businesses to accept payments has grown into a full suite of services that cover commerce, banking, staff, and customers.

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Source Fool.com