Should i forgive my friend?

Last week me and 2 friends were drinking. The male friend has been a close friend for a long time.
The female friend is a lady I've known for a couple years and really like.
I bought a bottle of vodka and my male friend drank most of it and got out of control.
My female friend had a knife in a sheath on her belt and my male friend grabbed it from her and pointed it at her.
He claimed he did it because he was showing her to not let her guard down.
I was very upset with my friend for disrespecting my lady friend.
She said I should forgive him and he seems depressed with his life and need support, but I am very displeased with his behavior.
I don't think he was intending to be a threat but he makes very poor choices when he drinks and I have decided either way I can not trust him to drink around my lady friends because of his disrespectful behavior. He does not act this way when he is sober and I hope he is embarassed.
I decided to take a break from him for a while but I'm going to talk to him about it in a couple days.
I am curious for others opinions.