I doubt Escobar would use Bitcoins to store funds. They are traceable and are too volatile to store illicit gains. But to carry transaction he would use them on massive scale surely. Cash is sort of the opposite. Not very convenient to carry big illicit transactions but as a store of value it is a way better thing.

Maybe not Bitcoin in particular, but other cryptocurrencies might do. Consider that for a very long time (and possibly still), ransomware attackers were demanding payment in Bitcoin, so these traceability considerations might not be as dissuasive as you might believe.

Bitcoin’s price volatility also seems no worse than the possibility of losses of cash due to theft.

But he could orchestrate a bunch of people to mint artistic NFTs that could be traded around a bit to enable him to make loads of money that he could cash out “legitimately”…