Jews were often "middleman" minorities throughout history. Armenians too. Middleman minorities are often at the forefront of envy.
A lot of other reasons as well, of course.
Armenians also parallel the Jews as they too suffered a major genocide in the 20th century. Theirs was during WWI at the hands of the Turks. The difference is the Turks never apologized and still deny it. They also built a racist museum near the Armenian border that is basically says Armenians killed Turks instead of the other way around.