In the movie The Green Berets some of the troops carried their knives like that, wrapped in 90 mph tape. I also think in Platoon some of the troops did the same. Tom Berenger carried his push knife like that iirc.

Looks cool. Until you lose your knife. Until the tip up snags every freaking "wait a minute" vine in the jungle. Until you fall on that side and your knife about stabs you in the eye.

Then you put the knife on your belt where it belongs.

Unless you want to be ultra special cool macho and carry a sword on your back... but those people need professional help anyhow.