Hello,
If you have this problem you can follow the “Apple official solution”; that is to reset your network settings, but…. To simple to work, don’t it? Or try the next one that is to restore your iPhone and update/reload the iOS, that off curse that makes more sense, but there is slim chance that after several minutes downloading a new operating system and restore your phone you end with the same problem. Also without taking in mind that a update on those conditions if you don’t have the SHSH blows for going back in time and activation tickets saved, could make your phone unusable. 
(Is Apple looking for getting your iPhone to them to get some cash? Nooo!)
So if you are still reading mean that you are on the 99.99% of us :)…
That might also do not apply on all cases but on my personal one did worked, so if you have the WIFI MAC address on 00:00:00:00:00:00, the Bluetooth MAC address on 00:00:00:00:00:00 and/or the phone status on “searching” mean that your baseband is fucked 
Whattt? (That usually happens if you were trying to unlock the phone with some untested or not supported by your phone tool!)
So as easy as this, just open terminal on the iPhone and type:
nvram wifiaddr=”40:A6:XX:XX:XX:XX”
nvram btaddr=”40:A6:XX:XX:XXXX”
Then reset it. (Obviously replace the XX’s with some random hexadecimal number, this was tested on iOS 7.0.4, on lower versions should work also)
That will permanently write out the new values on the NVRAM, and after a reset, your problems will be solved (just for Bluetooth and WIFI).
On my case the Bluetooth didn’t work right away, I had to do a reinstall of the iOS, and both were working.
Please note that changing the WIFI and/or BT MAC addresses will alter your UDID, so some things might not work as expected… (Activation?)
For telephone capability fix, I will write another post (whenever I finish figuring it out), but a baseband update might work (automatic, or manually with something like BBUpdaterExtreme)
Regards,
AC