The voltage of a battery is a function of the battery chemistry. It's not something that can be chosen at will. For LiPo batteries, voltage is around 4.2V when fully charged, which is too high to use as the raw voltage necessary for the device.
You could connect the LiPo to the +5V input and it will work for most of the batteries life. This voltage passes through a LDO which will drop about 200mV.
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