Let us denote by $X_n$ the value of $X$ after reading $n$ elements, and let $Y_n = 2^{X_n}$. We have $Y_0 = 1$ and $Y_{n+1}$ equals $2Y_n$ with probability $1/Y_n$, and $Y_n$ otherwise. Therefore
$$
\mathbb{E}[Y_{n+1}|Y_n] = Y_n + \frac{Y_n}{Y_n} = Y_n + 1,
$$
which together with $Y_0 = 1$ implies that $\mathbb{E}[Y_n] = n + 1$.
More generally, we can estimate all moments of $Y_n$ in this way. We have
$$
\mathbb{E}[Y_{n+1}^k|Y_n^k] = Y_n^k + \frac{(2^k-1)Y_n^k}{Y_n} = Y_n^k + (2^k-1) Y_n^{k-1},
$$
and so $Y_0^k = 1$ implies that
$$
\mathbb{E}[Y_n^k] = 1 + (2^k-1) \sum_{m=0}^{n-1} \mathbb{E}[Y_n^{k-1}].
$$
As an example,
$$
\mathbb{E}[Y_n^2] = 1 + 3 \sum_{m=0}^{n-1} (m+1) = 1 + 3 \frac{n(n+1)}{2}.
$$
Therefore the variance of the estimator $Y_n-1$ is
$$
\mathbb{V}[Y_n-1] = \mathbb{V}[Y_n] = \mathbb{E}[Y_n^2] - \mathbb{E}[Y_n]^2 = 1 + 3 \frac{n(n+1)}{2} - (n+1)^2 = \frac{n(n-1)}{2}.
$$
More generally, induction shows that $\mathbb{E}[Y_n^k] = \Theta(n^k)$, and with some effort we can even calculate the leading constant:
$$
\mathbb{E}[Y_n^k] = \prod_{\ell=1}^k \frac{2^\ell-1}{\ell} n^k + O(n^{k-1}).
$$
In particular, if we denote $Z_n = (Y_n-1)/n$ then $Z_n \to Z$, where
$$
\mathbb{E}[Z^k] = \prod_{\ell=1}^k \frac{2^\ell-1}{\ell}.
$$
For more on $Z$, see Theorem 7 in Ph. Robert, On the asymptotic behavior of some algorithms.