Depends on what you mean by 'reciever'. A small bluetooth module will draw, at most, 40mA, so two diodes - each having a forward voltage drop of ~ 0.65 would give 5 - 0.65 - 0.65 = 3.7V.
Some probably use a linear regulator to get 3.7V out of 5V, as the output voltage is...well.. regulated. But for low currents, not really needed, as the bluetooth module is designed to run off a Lithium polymer cell, which can be anywhere between 3.3 and 4.2V.
If you're powering other things form this 3.7V then you may require a different scheme.
What exactly are you trying to achieve? schematics/block diagrams welcome