Open Question: safest way to carry a camp axe/hatchet without a sheath?

I purchased a Walmart hatchet/camp axe for when I go camping and hiking. Typically I'd carry my machete, but I'm lending it to a friend for the trip.

This hatchet did not come with a sheath. What is the safest way to carry my hatchet for when I go hiking? I don't want to keep it in my hands but its also has to be easy to reach for quick use.

Source:
http://answers.yahoo.com/question/index?qid=20110824185005AANBFAT

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