Has he said anything about why he wants that particular kind of knife?
If he wants it as a weapon, that's not inherently a bad thing. Consider enrolling him in martial arts courses (e.g. Judo or Jiu-Jitsu) to safely learn self defense skills. If what he really wants to do is learn how to do knife tricks, there's nothing wrong with that either. That sounds like a cool hobby compared to playing Minecraft or watching TV. I certainly would not be concerned it.
Generally, I think a "boy scout" type knife would be a good gift for a 12 year old. It is typical for a kid to want the most "badass" looking knife possible, but what you should really get him is a Leatherman or something.