Don't display the field if "this" option is selected

[Birman]

I have a custom profile field that is displayed in user's profile next to posts. Depending on the option selected, I'm displaying an image with the following code in the display format box:

<img src="{content}.png"/>

It work's nicely, however, there is an option that in case selected, the field should not be displayed at all. I tried using {{if}} to wrap the <img> tag, but all the code gets displayed in the profile field. Currently I have a blank image set, but it is not ideal, because there's a blank area in users' profiles with that particular option instead of nothing at all.