Prove that
$$\left(1+x^{-1}\right)\cdot\left(1+x^{-2}\right)\cdot\left(1+x^{-4}\right)\dots\dots\left(1+x^{-2^n}\right)=\frac{x}{x-1}\cdot\left(1-\frac{1}{x^{2^{(n+1)}}}\right)$$
I thought a lot about this, but didn't get any breakthroughs. Please help me here.
Hint: Multiply and divide the LHS by $(x-1)$. And use the identity $(a-b)(a+b)=(a^{2}-b^{2})$.